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Analysts said the upside from current levels looks limited based on valuation as the issue was fully priced in discounting all near-term triggers. "Given that the company is a pioneer and market leader in its universe of e-Governance, there can be some kind of first mover advantage, but the upside is limited post listing" said Prashant Tapse of Mehta Equities.

The stock listed at Rs 792, which is the same as issue price. However, there was some buying interest in the counter post the listing as stock rose about 12% intraday.

ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas. The AUM grew from Rs 8,426 crore to Rs 16,320 crore from FY21-23, registering a CAGR of 39.22%, the highest CAGR among peers. For the three months ended June, the lender's total income rose 34% year-on-year to Rs 992 crore, while net profit was up 22% to Rs 130 crore.

The public offer was subscribed by a massive 73 times at close on strong demand from institutional investors. The QIB category of the IPO was booked 173 times

The public offer was subscribed by a massive 73 times at close on strong demand from institutional investors. The QIB category was booked 173 times.ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas. The AUM grew from Rs 8,426 crore to Rs 16,320 crore from FY21-23, registering a CAGR of 39.22%, the highest CAGR among peers.