Jana Small Finance Bank IPO: Issue subscribed over 18 times on final day, check details
Upstox
2 min read • Updated: February 12, 2024, 12:11 PM
Summary
The retail category was subscribed 5.46 times while the Non-Institutional Investors (NII) category received biddings 25.05 times.
The initial public offering (IPO) of Jana Small Finance Bank has caught the attention of the investors. The maiden public issue has been oversubscribed more than 18 times on the final day of subscription.
The Jana Small Finance Bank IPO was open for subscription from February 7 to February 9.
The IPO worth ₹570-crore comprises both a fresh issue and an offer for sale (OFS). The total issue size includes a fresh issue of 1.12 crore shares worth ₹462 crore and an offer for sale (OFS) of 26.08 lakh shares amounting to ₹108 crore.
The bank had fixed the price band at ₹393-414 apiece. The minimum investment amount for retain investors was ₹14,904 for a lot size of 36 shares.
Ahead of opening of the subscription the bank raised ₹167 crore from anchor investors.
Subscription Status
The IPO appears to have been quite a hit. On the third and final day of share sale the issue was subscribed 18.5 times. As per the NSE data, the IPO received bids for nearly 18.72 crore shares as against 1.01 crore shares on offer.
The retail category was subscribed 5.46 times while the Non-Institutional Investors (NII) category received biddings 25.05 times. Even the Qualified Institutional Buyers (QIB) portion was oversubscribed 38.75 times, according to latest data.
Size, listing and more: What to expect next
Jana Small Finance Bank isn't just any bank – it's the fourth largest small finance bank in terms of assets under management (AUM) as of September 30, 2023. With a market share of AUM in the SFB segment at 10.7%, it's a major player among the Small Finance Banks.
The Jana SFB IPO share allotment is expected on Monday, February 12. The bidders can check the IPO allotment status through the websites of BSE and official registrar, Kfin Technologies Private Limited, oncer the allotment is finalised.
The equity shares of Jana Small Finance Bank are likely to be listed on February 14, on both the BSE and NSE.
Final Thoughts: Should You Jump In?
Of course, as with any investment, it's essential to do your own research and consider your own risk tolerance. But, with strong subscription numbers and positive expert ratings, it could be an investment worth exploring, if not jumping in right away.
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