Jana Small Finance Bank IPO subscribed 88% on day 1; retail portion fully booked

7 Feb 2024 , 06:55 PM

Bidding for the bank’s first public offering (IPO) began today, January 7, and will end on Friday, February 9.

Retail investors have responded well to the ₹570 crore book built issue of Jana Small Finance Bank as far on the first day of the offering.

According to data available on the NSE until 5:00 pm, the Jana Small Finance Bank initial public offering (IPO) has received 88% of its total bids for equity shares on the first day. The offer comprises 1.01 crore shares, however the total bids received amount to 89.39 lakh.

Thus far, the retail category has subscribed to the public issue 1.20 times, while the Non-Institutional Investors’ (NII) category has subscribed 1.20 times. The Qualified Institutional Buyers category was subscribed 0.14 times.

As of September 30, 2023, Jana Small Finance Bank ranked fourth among small finance banks both in terms of deposit size and asset under management (AUM).

Public subscription for the Jana Small Finance Bank initial public offering (IPO) opened on January 7 and will end on January 9. The ₹570 crore offering consists of an offer for sale (OFS) of 26.08 lakh shares, totaling ₹108 crore, and a new issue of 1.12 crore equity shares, totaling ₹462 crore.

A fixed price range of ₹393 to ₹414 per equity share has been set for the IPO. The minimum investment amount required by retail investors in the Jana SFB IPO is ₹14,904, with lots of 36 shares.

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