Bookbuilding IPO | ₹463 Cr | Listed at BSE, NSE | Fri, Nov 3, 2023 - Tue, Nov 7, 2023
ESAF Small Finance Bank IPO is a book build issue of ₹463.00 crores. The issue is a combination of fresh issue of 6.53 crore shares aggregating to ₹390.88 crores and offer for sale of 1.20 crore shares aggregating to ₹72.12 crores.
ESAF Small Finance Bank IPO bidding started from Nov 3, 2023 and ended on Nov 7, 2023. The allotment for ESAF Small Finance Bank IPO was finalized on Nov 8, 2023. The shares got listed on BSE, NSE on Nov 10, 2023.
ESAF Small Finance Bank IPO price band is set at ₹60 per share. The lot size for an application is 250. The minimum amount of investment required by an retail is ₹15,000 (250 shares) (based on upper price). The lot size investment for sNII is 14 lots (3,500 shares), amounting to ₹2,10,000, and for bNII, it is 67 lots (16,750 shares), amounting to ₹10,05,000.
The issue includes a reservation of up to 22,72,727 shares for employees offered at a discount of ₹5.00 to the issue price.
ICICI Securities Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to ESAF Small Finance Bank IPO RHP for detailed Information.
IPO Open
Fri, Nov 3, 2023
IPO Close
Tue, Nov 7, 2023
Issue Price
₹60 per share
Market Cap (Pre-IPO)
₹3,087.54 Cr
| IPO Date | 3 to 7 Nov, 2023 |
| Listed on | Fri, Nov 10, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹57 to ₹60 |
| Issue Price | ₹60 per share |
| Lot Size | 250 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹5.00 |
| Total Issue Size | 7,73,56,059 shares (agg. up to ₹463 Cr) |
| Fresh Issue | 6,53,06,060 shares (agg. up to ₹391 Cr) |
| Offer for Sale | 1,20,49,999 shares of ₹10 (agg. up to ₹72 Cr) |
| Share Holding Post Issue | 51,47,79,858 shares |
| BSE Script Code / NSE Symbol | 544020 / ESAFSFB |
| ISIN | INE818W01011 |
ESAF Small Finance Bank IPO offers total 7,73,56,059 shares. Out of which 3,75,41,665 (48.53%) allocated to QIB, 1,50,16,667 (19.41%) allocated to QIB (Ex- Anchor), 1,12,62,500 (14.56%) allocated to NII 2,62,79,167 (33.97%) allocated to RII and 2,25,24,998 (29.12%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 3,75,41,665 (48.53%) | NA |
| − Anchor Investor Shares Offered | 2,25,24,998 (29.12%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 1,50,16,667 (19.41%) | NA |
| NII (HNI) Shares Offered | 1,12,62,500 (14.56%) | NA |
| − bNII > ₹10L | 75,08,333 (9.71%) | 2,145 |
| − sNII < ₹10L | 37,54,167 (4.85%) | 1,072 |
| Retail Shares Offered | 2,62,79,167 (33.97%) | 1,05,116 |
| Employee Shares Offered | 22,72,727 (2.94%) | NA |
| Total Shares Offered | 7,73,56,059 (100.00%) |
Investors can bid for a minimum of 250 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 250 | ₹15,000 |
| Retail (Max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (Min) | 14 | 3,500 | ₹2,10,000 |
| S-HNI (Max) | 66 | 16,500 | ₹9,90,000 |
| B-HNI (Min) | 67 | 16,750 | ₹10,05,000 |
ESAF Small Finance Bank IPO raises ₹135.15 crore from anchor investors. ESAF Small Finance Bank IPO Anchor bid date is November 2, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Nov 2, 2023 |
| Shares Offered | 2,25,24,998 |
| Anchor Portion (₹ Cr.) | 135.15 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Dec 8, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Feb 6, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1992, ESAF is a small finance bank that focuses mainly on lending to rural and semi-urban customers. The company's lending includes (a) microcredit, which includes microfinance loans and other microloans; (b) retail loans, which include gold loans, mortgages, personal loans and vehicle loans; (c) MSME loans; (d) loans to financial institutions; and (e) agricultural loans. ESAF Small Finance Bank Limited has a network of 700 banking outlets (including 59 banking outlets operated by business correspondents), 767 customer service centres, 22 business correspondents, 2,116 banking agents, 525 business introducers and 559 ATMs across 21 states and two Union Territories, serving 7.15 million customers as of June 30, 2023. As of March 31, 2022, the bank employed 4,100 people. In Kerela, the company is represented in all 14 districts. The company's target customers for microfinance and other microloans are women in unbanked and underbanked households in India. As of June 30, 2023, ESAF had over 3.25 million microcredit clients.
ESAF BANK has increased the number of branches offering gold loans from 345 branches or 62.73% of 550 branches as of March 31, 2021 to 551 branches or 85.96% of 641 branches as of June 30, 2023.
The Bank's core strength lies in the following areas
In-depth knowledge of the microcredit segment has enabled ESAF to grow beyond Kerela's strong presence in rural and semi-urban areas
The bank's customer-centric products foster strong customer relationships.
Digital technology platform for convenient banking
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 20,795.94 | 20,223.66 | 17,707.56 | 12,338.65 |
| Total Income | 991.78 | 3,141.57 | 2,147.51 | 1,768.42 |
| Profit After Tax | 129.96 | 302.33 | 54.73 | 105.40 |
| NET Worth | 1,839.09 | 1,709.13 | 1,406.80 | 1,352.06 |
| Reserves and Surplus | 1,389.62 | 1,259.66 | 957.32 | 902.59 |
| Total Borrowing | 2,739.13 | 3,354.20 | 2,952.83 | 1,694.00 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Augmentation of our Bank’s Tier-I capital base to meet our Bank’s future capital requirements |
| KPI | |
|---|---|
| RoNW | 17.69% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.73 | |
| P/E (x) | 8.94 | 5.94 |
| Promoter Holding | 74.43% | 59.74% |
| Market Cap | ₹3,087.54 Cr. |
The ESAF Small Finance Bank IPO is subscribed 77 times on November 7, 2023 7:02:00 PM (Day 3). The public issue subscribed 17.86 times in the retail category, 182.66 times in the QIB category, and 88.81 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 182.66 | 1,50,16,669 | 2,74,28,94,000 |
| NII | 88.81 | 1,12,62,500 | 1,00,02,30,750 |
| bNII (bids above ₹10L) | 96.51 | 75,08,333 | 72,46,27,750 |
| sNII (bids below ₹10L) | 73.41 | 37,54,167 | 27,56,03,000 |
| Retail | 17.86 | 2,62,79,167 | 46,94,00,000 |
| Employee | 4.59 | 22,83,653 | 1,04,82,750 |
| Total | 77 | 5,48,41,989 | 4,22,30,07,500 |
Total Application : 16,23,915
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 13.60 |
| 2 | Commission/processing fee for SCSBs and Bankers to the Offer and fee payable to the Sponsor Banks for Bids made by RIBs using UPI and Eligible Employees | 1.41 |
| 3 | Brokerage and selling commission and bidding charges forMembers of the Syndicate, Registered Brokers, RTAs and CDPs | 0.84 |
| 4 | Fees payable to the Registrar to the Offer | 0.30 |
| 5 | Fees payable to the auditors | 4.65 |
| 6 | Fees payable to the Independent chartered accountant | 0.47 |
| 7 | Fees payable to the Industry experts | 0.79 |
| 8 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 8.94 |
| 9 | Printing and stationery | 0.16 |
| 10 | Advertising and marketing expenses | 4.58 |
| 11 | Fees payable to legal counsels | 9.83 |
| 12 | Miscellaneous | 3.12 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹60.00 | ₹60.00 |
| Open | ₹71.90 | ₹71.00 |
| Low | ₹68.50 | ₹68.55 |
| High | ₹74.70 | ₹74.80 |
| Last Trade | ₹69.05 | ₹69.05 |
ESAF Small Finance Bank IPO is a main-board IPO of 7,73,56,059 equity shares of the face value of ₹10 aggregating up to ₹463 Crores. The issue is priced at ₹60 per share. The minimum order quantity is 250.
The IPO opens on Fri, Nov 3, 2023, and closes on Tue, Nov 7, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in ESAF Small Finance Bank IPO using UPI as a payment gateway. Zerodha customers can apply in ESAF Small Finance Bank IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in ESAF Small Finance Bank IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The ESAF Small Finance Bank IPO opens on Fri, Nov 3, 2023 and closes on Tue, Nov 7, 2023.
ESAF Small Finance Bank IPO lot size is 250, and the minimum amount required for application is ₹15,000.
You can apply in ESAF Small Finance Bank IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for ESAF Small Finance Bank IPO will be done on Wednesday, November 8, 2023, and the allotted shares will be credited to your demat account by Thu, Nov 9, 2023. Check the ESAF Small Finance Bank IPO allotment status.
The ESAF Small Finance Bank IPO listing date is on Fri, Nov 10, 2023.
