ESAF Small Finance Bank IPO Opens Today: Check GMP, Offer Price, Important Dates And Other Details Here

The initial public offering (IPO) of ESAF Small Finance Bank will open for subscription on Friday. The last day to subscribe to the Rs 463 crore ESAF Small Finance Bank IPO is November 7 (Tuesday) as the public issue closed on this day.

Ahead of the IPO launch, the Kerala-headquartered ESAF Small Finance Bank mopped up Rs 135.15 crore from anchor investors on Thursday. The price band of the public issue has been fixed between Rs 57-60 per equity share.
The small finance bank is looking to raise Rs 463 crore from the IPO at the upper end of the price band of Rs 57-60 per share.

ESAF Small Finance Bank IPO date:

ESAF Small Finance Bank IPO opens for subscription on Friday, November 3, and closes on Tuesday, November 7.

ESAF Small Finance Bank IPO Lot Size :

The IPO lot size is 250 equity shares and in multiples of 250 equity shares thereafter.

About ESAF Small Finance Bank IPO:

The IPO consists of a fresh issuance of Rs 390.7 crore worth of shares and an offer-for-sale (OFS) of Rs 72.3 crore shares by three selling shareholders. These three selling shareholders include ESAF Financial Holding, PNB Metlife India Insurance Company, and Bajaj Allianz Life Insurance Company.

The company is expected to utilize the net fresh issue proceeds to augment the bank's Tier-I capital base to meet future capital requirements and increase business, which is mainly onward lending.

ESAF Small Finance Bank (ESAF SFB) the new-age social bank continues to redefine the banking experience for all the stakeholders. The lender primarily focuses on expanding the banking horizon to new unbanked/underbanked areas, yet we stand as a bank for all with a presence in urban, semi-urban, rural, and rural unbanked areas.

According to the ESAF website, as of March 31, 2023, ESAF Small Finance Bank has 700 banking outlets spread across 21 states and 2 Union Territories. The Bank offers a host of modern banking services like ATMs, Debit Cards, Safe Deposit Lockers, Internet Banking, Mobile Banking, Agent Banking, SMS Banking, RTGS, NEFT, CTS, etc.

ESAF Small Finance Bank IPO reservation:

The company has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 35% of the offer is reserved for Retail Investors, and not less than 15% for Non-Institutional Investors (NII).

The company has reserved Rs 12.5 crore worth of shares for its employees. Eligible employees bidding in the employee reserve portion are offered a discount of Rs 5 per share. This means they will get these shares at a discount of Rs 5 each on the final issue price.

ESAF Small Finance Bank IPO GMP today:

According to IPO Watch, ESAF Small Finance Bank IPO GMP today or grey market premium is Rs 10. This indicates that ESAF Small Finance Bank shares were trading at a premium of Rs 10 in the grey market on Friday.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of ESAF Small Finance Bank share price was indicated at Rs 70 apiece, up more than 15% higher compared to the upper price band of the IPO.

ESAF Small Finance Bank IPO Important Dates:

The IPO of ESAF Small Finance Bank has opened for subscription today, and the public issue will close on Tuesday, November 7. ESAF Small Finance Bank shares are expected to get listed on Indian bourses on November 16. The allotment finalization of shares of ESAF Small Finance Bank IPO is likely to happen on November 10.