Jana Small Finance Bank gets Sebi nod for IPO

Jana would be the seventh small finance bank (SFB) to be listed. The already listed small finance banks are AU, ESAF, Equitas, Suryoday, Ujjivan and Utkarsh out of the 12 licensed by the Reserve Bank of India

By Atmadip Ray, ET Bureau | Nov 28, 2023, 07.04 PM IST

TPG Capital-backed Jana Small Finance Bank has received approval for its initial public offering (IPO) from market regulator Securities & Exchange Board of India.

The IPO includes Rs 575 crore of fresh issue of equity shares of face value Rs 10 each and an offer for sale of up to 4.05 million shares by existing shareholders and promoters.

Jana would be the seventh small finance bank (SFB) to be listed. The already listed small finance banks are AU, ESAF, Equitas, Suryoday, Ujjivan and Utkarsh out of the 12 licensed by the Reserve Bank of India.

The net proceeds of the proposed issue will be utilised towards the augmentation of Jana's tier–1 capital to meet its future capital requirements.

The SFB filed the prospectus in July, afresh. In 2021, it had got approval for a Rs 1,200-crore IPO but the lender didn't go ahead because of adverse market conditions.

According to Fitch, Jana is the fourth largest SFB in terms of assets under management

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