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Small Finance Bank

Suryoday Small Finance Bank’s Rs 582.33-crore IPO will open for subscription next week, Wednesday, March 17, 2021. The company has fixed a price band at Rs 303-305 per share of the face value of Rs 10 each. The issue will close for subscription on March 19, 2021. Suryoday Small Finance Bank initial public offer comprises a fresh issue of 81.50 lakh shares and an offer-for-sale (OFS) of up to 1.09 crore equity shares. So far, no grey market activity was seen in Suryoday Small Finance Bank shares.

Investors can make bids for a minimum of 49 equity shares and in multiples thereafter, translating to a minimum investment of Rs 14,945. Not more than 50 per cent of the net issue will be reserved for qualified institutional investors (QIBs), 35 per cent of the portion for retail investors and not less than 15 per cent for non-institutional investors.

Along with this, 5 lakh equity shares will be reserved for eligible employees. Also, a discount of Rs 30 per share is also being offered to eligible employees bidding in the employee reservation portion.

The listed industry peers of Suryoday Small Finance Bank are Ujjivan Small Finance Bank, CreditAccess Grameen Ltd, Spandana Sphoorty Financial Ltd, Bandhan Bank Ltd and AU Small Finance Bank.

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