Jana Small Finance Bank files draft IPO papers with SEBI

Jana Small Finance Bank has filed a draft red herring prospectus with market regulator Sebi for an initial public offering (IPO).

The proposed IPO would include a fresh issue of Rs 700 crore and an offer for sale of 92,53,659 shares.

The OFS would involve the selling of up to 17,48,975 shares by Alpha TC Holdings PTE, up to 1,15,195 shares by Badari Narayan Pilinja, and up to 1,26,482 shares by Bajaj Allianz General Insurance (PolicyHolder Fund). Bajaj Allianz General Insurance (shareholder fund) will also sell up to 54,207 shares, among others.

Enam Securities, Enam’s co-founder and Chairman Vallabh Bhanshali, his HUF, North Haven, ICICI Prudential, and Tree Line would be among other selling shareholders in the SFB.

The SFB stated that it might think about a pre-IPO placement of a total amount not exceeding Rs 500 crore, including by way of a proposed further issue to its promoters for an amount totaling up to Rs 400 crore. The pre-IPO placement, if undertaken, will be completed before the filing of the red herring prospectus with the RoC.

If the pre-IPO placement is initiated, the amount raised thereof will be decreased from the fresh issue.

The SFB is among the leading small finance banks in India in terms of assets under management and deposit size as on March 31, 2020.

It has the second most geographically diversified portfolio with a pan-India presence among all small finance banks in India as on March 31, 2020. As on February 28, it had 611 branches, including 166 branches in unbanked rural centers, and 134 ATMs located in 229 districts across 19 states and three union territories.

Jana Small Finance Bank has served more than 80 lakh customers since 2008, including around 30.5 lakh active customers.

Jana SFB was established on July 24, 2006. It was registered as an NBFC on March 4, 2008. Later, it was awarded as non-banking finance company-microfinance institution status on September 5, 2013. It began operating as an SFB with effect from March 28, 2018, and became a scheduled commercial bank on July 16, 2019.

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