Jana Small Finance Bank Files Draft Red Herring Prospectus For IPO

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Through this, the Indian lender is looking to raise Rs 575 crore via the fresh issuance of equity shares at a face value of Rs 10 each. It also comprises an offer-for-sale of up to 4.1 million shares.

The OFS comprises equity shares held by Client Rosehill Ltd., CVCIGP II Employee Rosehill Ltd., Global Impact Funds, S.C.A., SICAR, Sub-Fund Global Financial Inclusion Fund, Growth Partnership II Ajay Tandon Co-Investment Trust, Growth Partnership II Siva Shankar Co-Investment Trust, and Hero Enterprise Partner Ventures, SEBI said.

The net proceeds from the fresh issuance will be used to augment the bank’s tier-1 capital base in order to meet future capital requirements. These include organic growth and expansion, along with compliance with regulatory requirements, Jana Small Finance Bank said.

Previously, the bank had submitted its documents for an IPO in 2021. However, it rolled back on those plans due to the pandemic.

The lender continues to thrive in its business, primarily through microfinance loans.

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