Jana Small Finance Bank IPO opens for subscription today; Check details inside

7 Feb 2024 , 12:28 PM

The much-awaited initial public offering (IPO) of Jana Small Finance Bank is now open for public subscription, starting today and extending until Friday, February 9. The book-built issue presents an opportunity for investors to participate in the growth of the bank. The IPO price band has been set at ₹393 to ₹414 per equity share, with a lot size of 36 shares and a minimum investment amount of ₹14,904 required for retail investors. To subscribe to the IPO, click here.

Within the first two hours of opening, the IPO has already garnered a subscription rate of 33%. Notably, the retail portion of the IPO has witnessed a subscription rate of 57%, while the Non-Institutional Investor (NII) portion has reached a subscription rate of 23%. Additionally, the portion reserved for employees has received a subscription rate of 16%.

Jana Small Finance Bank aims to raise ₹570 Crore through its initial offer, comprising a fresh issue of 1.12 crore equity shares totaling ₹462 Crore and an offer for sale (OFS) of 26.08 lakh shares amounting to ₹108 Crore.

Ahead of the IPO opening, Jana Small Finance Bank successfully raised ₹166.95 Crore from 17 anchor investors on January 6. The bank allotted 40,32,588 equity shares to these anchor investors at the upper price band of ₹414 per equity share (including a premium of ₹404 per equity share), with a face value of ₹10 per share. This anchor investment demonstrates confidence in the bank’s growth prospects and sets a positive tone for the IPO.