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Suryoday Small Finance Bank files DRHP for IPO

Suryoday Small Finance Bank has filed the DRHP to initiate the process of IPO. The IPO would be a mix of new shares and OFS vide which existing shareholders selling their shares. Axis Bank, ICICI Securities, IIFL Securities, and SBI Capital Markets are the lead managers for the IPO.

Issue Details
Suryoday Small Finance Bank is coming up with an IPO of up to 20,061,796 equity shares. Out of which the fresh issue is of 11,595,000 equity shares and 8,466,796 are OFS.

Prominent Selling Shareholders
1. International Finance Corporation is selling 4,387,888 Equity shares.
2. Gaja Capital Fund-II limited is selling 1,615,00 Equity shares.
3. HDFC Holding is selling 7,50,000 Equity shares.
4. IDFC First Bank is selling 2,50,00 Equity shares.
5. DWM International is selling 889,842 Equity shares.
6. American Venture limited is selling 2,00,000 Equity shares.
7. Kotak Mahindra Life Insurance is selling 186,966 Equity shares.
8. Polaris Banyan Holding is selling 1,00,000 Equity shares.
9. Gaja Capital India AIF Trust is selling 85,000 Equity shares.

Recent Private Placement
In May 2020, the bank has done a private placement of 2,390,020 Equity shares at Rs. 260 per share. The shares were allotted to the following shareholders.

1. 1,826,923 Equity Shares were allotted to Gaja Capital Fund II Limited.
2. 96,154 Equity Shares were allotted to Gaja Trustee Company Private Limited (representing Gaja Capital India AIF Trust as a trustee).
3. 93,258 Equity Shares were allotted to Teachers Insurance and Annuity Association of America.
4. 32,431 Equity Shares were allotted to Kiran Vyapar Limited.
5. 192,308 Equity Shares were allotted to Kotak Mahindra Life Insurance Company Limited.
6. 148,946 Equity Shares were allotted to Lok Capital Growth Fund.

Suryoday Small Finance Bank
Started in the year 2009 as a microfinance business has since expanded its operations across 12 states and union territories, as of July 31, 2020. As of July 31, 2020, the customer base is 1.43 million, and the employee base comprised of 3,949 employees. They operate 482 Banking Outlets including 137 Unbanked Rural Centres (“URCs”). As per CRISIL Report, the bank was among the leading SFBs in India in terms of net interest margins, return on assets, yields, and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020. As of 31.03.2020, the bank has total advances of 3531 Crores, a Deposit of 2848 Crores, and a Net-worth of 1000 Crores.

To know more about the bank, please follow the below link

Suryoday Small Finance Bank Limited Unlisted Shares


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