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Suryoday SFB IPO share allocation expected in upcoming week; check via 2 options

Suryoday Small Finance Bank is expected to finalize the IPO share allotment around March 24. The public issue closed for subscription on March 19 and received bids 2.37 times the IPO size.

The company secured Rs 582.3 crore via its public issue, which opened for bidding on March 17. The total proceeds from the fresh issue will be used for augmenting its Tier –1 capital base to fulfill capital requirements.

The small finance bank was among the major SFBs in India in terms of net interest margins, return on assets, yields, and deposit growth and had the lowest cost-to-income ratio among SFBs in India in FY20.

Suryoday SFB needed to list on the financial market as it had completed three years after getting the license from the Reserve Bank of India. In 2017, the central bank had given Suryoday the license to function as a small finance bank.

The shares of the company were traded at Rs 330-335 in the grey market, which is a premium of Rs 25-30 or 8-10 percent over the higher issue price band of Rs 305 per share, the IPO Watch data revealed.

Investors can check the IPO share allotment through two options. The small finance bank in consultation with merchant bankers will finalize share allocation around March 24, as stated in the schedule available in the red herring prospectus.

The allotment can be checked on the website of the IPO registrar in three steps:

a) From the dropdown menu select ‘Suryoday Small Finance Bank Limited IPO’;

b) For the application number option, select ASBA/NON-ASBA and enter the application number. For DPID/client ID option, select NSDL/CDSL, enter DPID and Client ID,
In case you are using permanent account number, enter the PAN

c) Type in Captcha and click on submit to know the allotment status.

Investors can also look into the allotment status on the BSE website. For this, select issue type ‘equity’, issue name as ‘Suryoday Small Finance Bank Limited’, enter application number and PAN, and then click on search to check whether shares have been allotted.

If the information provided by the investor is correct, then the number of shares subscribed for and the number of shares allotted will be displayed on the screen.

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