The board of Kolkata-based Bandhan Bank has appointed Goldman Sachs Group Inc, JPMorgan Chase & Co, Axis Bank Ltd, JM Financial Ltd and Kotak Mahindra Bank as lead managers to manage its proposed initial public offering.

Kotak Mahindra Bank will act as the left lead in the issue. The final decision on the proposed IPO will be subject to all regulatory approvals.

According to CS Ghosh, MD and CEO, Bandhan Bank, the size of the issue, its timing and other related aspects will be finalised in the due course.

Bandhan is the first microfinance institution to receive universal banking licence in 2015. The Reserve Bank of India’s guidelines mandates the bank to get itself listed within a span of three years from the commencement of banking operations.

“We are comfortable on the capital front but the RBI requires us to be listed within three years of commencement of operations so we are working towards it,” Ghosh told BusinessLine .

The bank’s capital adequacy ratio stood at 26 per cent as on June 30. This is well above the RBI’s required limit of 13 per cent, he said.

Ghosh had earlier said that while the bank had initiated the process of IPO, there was no hard and fast rule that the IPO has to hit the capital market by August next year. “It can be one or two months here and there,” he had said on the sidelines of the bank’s second anniversary celebration last month.

More branches Having commenced its operations with 501 branches and 2,022 doorstep service centres or banking outlets, the bank has scaled it up to 840 branches and 2,444 banking outlets in the last two years.

Total deposits stand at ₹24,500 crore; while advances are at ₹21,335 crore. Nearly 90 per cent of its business comes from the micro-credit segment.

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