Jana Small Finance Bank IPO: Jana Small Finance Bank’s initial public offering (IPO), which closes on Friday, February 9, has been subscribed 3.20 times so far. As of 11:43 am on the last day of bidding on Friday, the Rs 570-crore IPO had fetched 3,00,98,016 shares against the offer of 94,09,373 shares.
The IPO, backed by private equity giants TPG and Morgan Stanley, received 6.69 times subscription from non-institutional investors, while the retail individual investor (RII) category was subscribed 3.33 times. The Qualified Institutional Buyer (QIB) tranche was 20% subscribed.
Jana Small Finance Bank IPO Today GMP
According to market observers, Jana Small Finance Bank’s unlisted shares were trading in the gray market at Rs 59 above the issue price ceiling. The gray market premium or GMP of Rs 59 means Gray Market expects the listing gain on the public issue to be 14.25 per cent. GMPs are based on market sentiment and are constantly changing.
The “grey market premium” indicates that investors are willing to pay more than the issue price.
Jana Small Finance Bank IPO details
The Bengaluru-headquartered company’s IPO saw up to Rs 462 crore of new shares issued and an offer for sale of up to 2,608,629 shares.
The price range of the IPO is Rs 393-414 per share. Jana Small Finance Bank on Tuesday secured Rs 167 crore in funding from major investors.
Promoter Jana Holdings, which holds 32 per cent stake in the bank, will reduce its stake to around 25 per cent after the issue. The bank will use the newly issued funds to increase its core capital to meet future capital requirements and improve its capital adequacy ratio.
Axis Capital, ICICI Securities and SBI Capital Markets are the managers of the offer.
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