Shares of Jana Small Finance Bank listed at a 4% discount at Rs 396 on the NSE against its issue price of Rs 414 per share on the upper end of the price band, marking their debut after a successful IPO. Experts believe that the listing was also impacted by the volatility in the overall markets due to broad-based sell off and pressure from global markets amid higher than expected US CPI on Tuesday.
Jana SFB’s Rs 570 crore IPO, which consisted of a fresh issue of Rs 462 crore and an offer for sale by existing shareholders worth Rs 108 crore was subscribed 19.8 times in the 3-day bidding process. The bank has said that it will use the proceeds from the IPO for bolstering its Tier-1 capital base.
Jana SFB is the fourth largest small finance bank in terms of AUM and deposit size. As of September 30, 2023, the bank had 771 banking outlets.
