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Equitas Small Finance Bank may launch IPO on October 20, to raise Rs 532 crore

At the time of filing DRHP in December 2019, promoter Equitas Holdings held 95.49 percent stake in Equitas Small Finance Bank.

Equitas Small Finance Bank, the subsidiary of Equitas Holdings, may be launching its public issue on October 20, people familiar with IPO development told Moneycontrol. If it happens, it would be 12th IPO this year.

The company in consultation with merchant bankers might have fixed a price band at Rs 34-35 per share and the closing date for issue could be October 22, sources told Moneycontrol.

As per the additional information to its DRHP filed with Sebi last month, the public issue consists of a fresh issue of 8 crore equity shares and an offer for sale of 7.2 crore equity shares.



Considering the upper price band, the total issue size could be Rs 532 crore (fresh issue of Rs 280 crore and offer for sale of Rs 252 crore).

The offer includes a reservation of up to Rs 1 crore worth of shares for eligible employees of Equitas Small Finance Bank and Rs 51 crore of shares for Equitas Holdings' shareholders.

The proposed issue size, as per DRHP, included a fresh issue of Rs 550 crore and an offer for sale of 8 crore equity shares by Equitas Holdings, but later in view of the relaxation permitted by the Securities and Exchange Board of India, the issue size reduced to Rs 280 crore (fresh issue) and 7.2 crore shares (offer for sale by promoter).

Accordingly, the reservation portion of Equitas Holdings shareholders has also been revised from up to Rs 100 crore to up to Rs 51 crore and the employee reservation portion of Equitas Small Finance Bank has been revised from up to Rs 5 crore to up to Rs 1 crore.

Equitas Small Finance Bank (SFB) was the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019, the CRISIL report said.

SFB offers a range of banking products and services to customers with a focus on serving the financially unserved and underserved customer segments in India.

At the time of filing DRHP in December 2019, promoter Equitas Holdings held 95.49 percent stake in Equitas Small Finance Bank.

JM Financial, Edelweiss Financial Services and IIFL Securities are appointed as book running lead managers to the issue.

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