Suryoday Small Finance Bank IPO: Date, price, face value, lot size, allotment date, refund, credit of shares, listing date — all details here about upcoming IPO

Suryoday Small Finance Bank IPO: This 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. Here we reveal minute details of Suryoday Small Finance Bank IPO, including date, price, face value, lot size, allotment date, refund, credit of shares, listing date.

Suryoday Small Finance Bank will open its initial public offer (IPO) of equity shares of face value of Rs 10 each on the chosen date of 17th March 2021. The date on which the IPO will close is 19th March, 2021.

Suryoday Small Finance Bank IPO price band
The Suryoday Small Finance Bank IPO price band has been fixed at Rs 303 to Rs 305 per Equity Share.

Suryoday Small Finance Bank IPO Size
Bids can be made for a minimum of 49 Equity Shares and in multiples of 49 Equity Shares thereafter.

Suryoday Small Finance Bank IPO date
As mentioned earlier, the public issue of the small finance bank will open for subscription on 17th March and remain available for bidding till 19th March. Suryoday Small Finance Bank IPO allotment date is 24th March 2021 while Credit of Shares to Demat Account will take place on 25th March 2021. Tentative Suryoday Small Finance Bank IPO listing date is 30th March 2021.

Suryoday Small Finance Bank IPO details
The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50 per cent of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that the Bank and the Selling Shareholders may, in consultation with the Book Running Lead Managers, allocate up to 60 per cent of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price.

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In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5 per cent of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Issue Price.

Further, not less than 15 per cent of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35 per cent of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price.

The Suryoday Small Finance Bank public issue includes a reservation of up to 500,000 Equity Shares, (constituting up to 0.47% of the post-Issue paid-up equity share capital), for subscription by eligible employees (the “Employee Reservation Portion” and the Issue less the Employee Reservation Portion is hereinafter referred to as “Net Issue”. The Bank and the Selling Shareholders in consultation with the Book Running Lead Managers, may offer a discount of up to 10 per cent (equivalent of Rs 30 per equity share) of the issue price to eligible employees bidding in the Employee Reservation Portion (“Employee Discount”).

Suryoday Small Finance Bank IPO: How to Apply

All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts, and UPI ID in case of RIBs using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process.

The Bank proposes to utilize the net proceeds from the Fresh Issue towards augmenting Bank’s Tier – 1 capital base to meet Bank’s future capital requirements.
 
Suryoday Small Finance Bank IPO: Book Running Lead Managers
Axis Capital Limited, ICICI Securities Limited, IIFL Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Issue.