The ₹463-crore Initial Public Offering (IPO) of the ESAF Small Finance Bank IPO will open for subscription on November 3. The issue will close on November 7.
The company has not yet fixed the price band for the issue. The share sale offer consists of a fresh issue of shares worth ₹390.7 crore by the company along with an Offer for Sale (OFS) component of ₹72.3 crore by three selling shareholders.
Promoter ESAF Financial Holdings will be selling shares worth ₹49.26 crore while PNB MetLife India Insurance Company and Bajaj Allianz Life Insurance Company will offload ₹23.04 crore worth of stocks through the OFS window. ESAF has reserved equity shares worth up to ₹12.5 crore for its employees.
The small finance bank will use part of the issue proceeds to augment the bank’s capital base and to meet its future capital requirements, and fund its balance sheet size, a release said.
ESAF has a network of 700 full-fledged branches, 767 customer service centres, 22 business correspondents, 2,116 banking agents, 525 business facilitators, and 559 ATMs spread across 21 States and two union territories.