Suryoday Small Finance Bank IPO launches today; check price band, lot size, allotment date

The initial public offering (IPO) of Suryoday Small Finance Bank has been launched today, 17 March. The Suryoday IPO will close for subscription two days later on Friday, 19 March. The IPO of the bank that was established in 2008 has a price band of Rs 303-305 per share. With a size of 19.09 million shares, the lot size is Rs 582.33-crore. Based in Mumbai, Suryoday Bank is the only bank from Maharashtra with a Small Finance Bank license from the Reserve Bank of India, according to its website. The lot size of the Suryoday IPO is 49 shares and one investor can bid for as many as 13 lots. An investor can bid for a maximum number of 637 shares which will be worth Rs 1,94,285. The allotment date for Suryoday IPO is 24 March and refunds will be initiated on the same day. Shares of the Suryoday IPO will be credited on 25 March and the listing date of shares is 31 March. The issue has been listed on BSE and National Stock Exchange. Kfin Technologies Private Ltd is the registrar of the issue. As much as 50 percent of the Suryoday IPO is reserved for qualified institutional buyers, 35 percent is reserved for retail investors and 15 percent is for non-institutional investors. Funds raised from the Suryoday IPO are going to be used for the bank’s tier-1 capital base in order to fulfill the future capital requirements of Suryoday Small Finance Bank. Reportedly, a pre-IPO placement of 5,208,226 shares was undertaken by the bank which raised Rs 152 crores. These shares were issued at a price of Rs 291.75 per share to Axis Flexi Cap Fund , SBI Life Insurance, Kiran Vyapar and Axis Equity Hybrid Fund.