Suryoday Small Finance Bank IPO launched today; issue subscribed 42% on Day 1

The Suryoday Small Finance Bank IPO has been launched today, 17 March. On the first day, the Suryoday IPO saw a subscription of 42 percent, according to The Economic Times. Suryoday IPO will close on Friday, 19 March. The report mentions that against the size of 1,35,15,150 shares for sale, bids for only 56,32,648 shares were received on day 1 of the three-day IPO. The price band of Suryoday IPO has been set at Rs 303- Rs 305. The total size of the IPO is Rs 581 crore with a lot size of 49. Investors can bid for as many as 13 shares taking the total number of shares to 637 (worth Rs 1,94,285). After Equitas Small Finance Bank, Ujjivan Small Finance Bank and AU Small Finance Bank, Suryoday Small Finance Bank is the fourth small finance bank to offer IPO, reported CNBC TV18. The allotment of the IPO whose registrar is Kfin Technologies Private Ltd will be announced on Wednesday, 24 March. Funds raised from the IPO will be used for the capital requirements of the bank. As reported by The Economic Times, before the IPO launch, the bank raised Rs 170 crore from 13 investors. In a regulatory filing, the bank said that its lead managers are lClCl Securities, Axis Capital, SBl Capital Markets and IIFL Securities.