Jana SFB subscribed 18.50x; Capital Small Finance Bank 4x

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The initial public offerings of Jana Small Finance Bank and Capital Small Finance Bank closed on Friday with the former generating a strong response, while the latter saw a modest subscription.

The 570-crore IPO of Jana SFB — a fresh issue of ₹462 crore and an offer for sale of ₹108 crore — received bids for about 18.72 crore shares against an offer of 1.01 crore shares (net of anchor portion).

The IPO came out with a price band of ₹393-414.

The portion for qualified institution buyers was subscribed at 38.75 times, while that of non-institutions and retail investors received bids for 25.05 times and 5.46 times respectively.

Ahead of IPO, PE majors TPG- and Morgan Stanley-backed Jana SFB garnered ₹167 crore from anchor investors.

The SFB will use the money from the fresh issue to augment its core capital to meet future capital requirements and to improve its capital adequacy ratio.

Capital SFB

The ₹523-crore initial public offering of Capital Small Finance Bank came out with a price band of ₹445-468. The IPO received bids for 3.26 crore shares against an offer of 81.43 lakh shares (net off anchor investors). The IPO, which consisted ₹450 crore of a fresh issue, was subscribed 6.64 times by QIB, 4.05 times by NIIs and 2.49 times by retail investors. Ahead of IPO, Capital SFB raised ₹157 crore from anchor investors.

The funds raised will be used for augmenting the tier-I capital base to meet its future capital requirements. The funds will also be used towards meeting the expenses in relation to the offer.