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Bandhan Bank Plans IPO Issue; Issue Size Yet To Be Decided
The bank plans IPO issue at a time when other IPOs by financial institutions has reaped handsome returns for investors.
Of the two universal banking entities that also served as a microfinance institution previously, Bandhan Bank, is planning an IPO issue. The move marks the time when previous IPO of similar small and new age banking entities'issue have turned out to be lucrative for investors that include the likes of Ujjivan, AU SF Bank, RBL Bank and Equitas Holdings.
The IPO issue shall be in line with the RBI's directions in respect of the listing of the banks on the exchange and also enable the new age universal bank to strengthen its capital base.
As cited in one of the leading business daily report one of the source says "Bandhan Bank has started the process to hire investment banks for its proposed IPO. They have had preliminary meetings and are expected to have formal pitches in the coming week or so". The discussion with the investment bankers for the IPO issue of Bandhan Bank is at an early stage and size of the issue is yet to be finalized.
Shekhar Ghosh, managing director and chief executive of Bandhan Bank, in a text said"As per RBI norms, we are in process to select investment banks. Not yet decided amount and time (of IPO)".
The Kolkata based bank in its quarterly results for the quarter ended June reported a rise in deposits by 51% to a staggering Rs22,439 crore. The cost on these deposits has dropped to 7.04%. Its outstanding loans were reported to be to the tunes of Rs. 21839 crores.
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