Bandhan Bank to float Rs. 2,500 crore IPO
One of India's newest private sector banks, Bandhan Bank decides to tap the equity market to raise about Rs. 2,500 crore through an initial public offer (IPO). The bank is slated to be listed by April.
The bank has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). IPO consists fresh issue of 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 equity shares by International Finance Corporation (IFC) and 75,65,804 equity shares of IFC FIG Investment Company. The shares will be listed on BSE and NSE.
Bandhan is a Kolkata-based bank with 864 branches and 386 ATMs and 1.87 million customers. The bank operates through two main segments micro banking and general banking. The bank’s total deposits stood at ₹25,200 crore, and advances, at ₹22,250 crore and its capital adequacy ratio stood at 26.25 per cent as on September 30, 2017.