he small lender's shares are likely to be listed on both, the BSE Sensex and NSE NiftySuryoday Small Finance Bank has received the go-ahead from the markets regulator Securities and Exchanges Board of India (SEBI) to float its initial public offering (IPO).
The small lender's shares are likely to be listed on both, the BSE Sensex and NSE Nifty, joining its listed peers Ujjivan SFB, AU Small Finance Bank and Equitas SFB.The IPO will comprise of a fresh issue of 1,15,95,000 shares and an offer for sale of up to 84,66,796 shares by the existing shareholders, according to the draft papers filed with SEBI.International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius and and Americorp Ventures will offer shares through the offer for sale route.The bank had filed its IPO preliminary papers in October.The bank will utilise the net proceeds from the fresh issue to augment its Tier-1 capital base and to meet future capital requirements.Suryoday Small Finance Bank was founded by Baskar Babu Ramachandran.
It has a presence in 12 states and union territories across the country.Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the merchant bankers for the public issue.