Backed by Singapore sovereign fund GIC Pte, Bandhan Bank has chosen Goldman Sachs Group Inc. and JPMorgan Chase & Co to advise the lender on stake sale, the report said.
The report also stated that Axis Bank Limited, JM Financial Limited and Kotak Mahindra Bank Limited too are working on the lender’s initial public offering.
The Kolkata-based bank was started as a microfinance company in the year 2001 and later converted into a bank in 2015. The bank’s IPO is likely to hit the market in 2018. The report also cited that the investors will be offered about 10% stake in the bank through the IPO.
Bandhan Bank, headed by CEO Chandra Shekhar Ghosh, has 841 branches and over 11 million customers with investors such as the World Bank’s International Finance Corporation. The company has a loan book of about Rs 21,900 crore.
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