LKP Securities offers ‘subscribe’ rating to Suryoday SFB IPO
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Last Updated: Mar 15, 2021, 12:14 PM IST
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Synopsis
Up to 50 per cent of the total shares on offer will be reserved for QIBs and 15 per cent will be reserved for high net worth investors. Rest will be offered to retail investors.
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Suryoday SFB plans to raise Rs 581 crore from the primary market. The issue comprises a fresh issue of up to 8,150,000 shares and an offer for sale of up to 10,943,070 shares.
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NEW DELHI: The initial public offering (IPO) of Suryoday Small Finance Bank will open on Wednesday, March 17, along side Nazara Technologies. The issue will close on March 19, Friday.
KOLKATA: Suryoday Small Finance Bank has raised Rs 150 crore from SBI Life Insurance Company and Axis Asset Management Company in a pre-IPO placement, valuing the bank at Rs 2,700 crore
The pre-IPO placement was made at Rs 291.75 a share ahead of its likely initial public share sale that seeks to garner Rs 550-600 crore. The public issue is likely later this month. The bank may attract 5-10% premium over the pre IPO price, people involved in the process said. Pre-IPO purchases of shares cannot be offloaded for a year.
A pre-IPO placement is a sale of a large chunk of shares ahead of an IPO. Normally, the price of equity shares at the time of public offer comes at a premium over the pre-IPO price.
KOLKATA: Suryoday Small Finance Bank has raised Rs 150 crore from SBI Life Insurance Company and Axis Asset Management Company in a pre-IPO placement, valuing the bank at Rs 2,700 crore
The pre-IPO placement was made at Rs 291.75 a share ahead of its likely initial public share sale that seeks to garner Rs 550-600 crore. The public issue is likely later this month. The bank may attract 5-10% premium over the pre IPO price, people involved in the process said. Pre-IPO purchases of shares cannot be offloaded for a year.
A pre-IPO placement is a sale of a large chunk of shares ahead of an IPO. Normally, the price of equity shares at the time of public offer comes at a premium over the pre-IPO price.