Jana Small Finance Bank seeks SEBI approval again, files IPO papers to raise funds

31 Jul 2023 , 01:30 PM

Jana Small Finance Bank announces its Initial Public Offering (IPO), consisting of a fresh issue of Rs 575 crore and an offer-for-sale of up to 4.05 million shares by existing shareholders and promoters.

The bank had previously filed a draft red-herring prospectus for a Rs 1,200-crore IPO on March 31, 2021, but deferred the issue due to pandemic-induced tough market conditions.

The latest IPO’s offer-for-sale (OFS) includes shares from Client Rosehill Ltd, CVCIGP II Employee Rosehill Ltd, Hero Enterprise Partner Ventures, and Global Impact Funds.

Jana SFB showcased a significant rebound post the Covid pandemic, reporting an impressive net profit of Rs 256 crore in FY23, up from Rs 17.47 crore in the previous year. Additionally, its non-performing assets (NPAs) decreased to 3.94 % from 5.71 %.

Jana SFB has a diversified asset base worth Rs 19,600 crore, encompassing home loans, gold loans, and secured business loans. The bank plans to explore obtaining a universal banking license after the IPO.

Axis Capital Limited, ICICI Securities Limited, and SBI Capital Markets Limited will act as the Book Running Lead Managers for the IPO.

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