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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 ₹60.00 per share . The lot size for an application is 250. The minimum amount of investment required by an retail is ₹14,250 (250 shares). 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 Date | November 3, 2023 to November 7, 2023 |
| Listing Date | November 10, 2023 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹57 to ₹60 per share |
| Issue Price Final | ₹60 per share |
| Lot Size | 250 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,73,56,059 shares (aggregating up to ₹463.00 Cr) |
| Fresh Issue | 6,53,06,060 shares (aggregating up to ₹390.88 Cr) |
| Offer for Sale | 1,20,49,999 shares of ₹10 (aggregating up to ₹72.12 Cr) |
| Employee Discount | ₹5.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Post Issue | 51,47,79,858 shares |
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, 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 | Maximum 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%) |
| 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 |
ESAF Small Finance Bank IPO raises ₹135.15 crore from anchor investors. ESAF Small Finance Bank IPO Anchor bid date is November 2, 2023. ESAF Small Finance Bank IPO Anchor Investors list
| Bid Date | November 2, 2023 |
| Shares Offered | 2,25,24,998 |
| Anchor Portion Size (In Cr.) | 135.15 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 8, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 6, 2024 |
ESAF Small Finance Bank IPO opens on November 3, 2023, and closes on November 7, 2023.
| IPO Open Date | Fri, Nov 3, 2023 |
| IPO Close Date | Tue, Nov 7, 2023 |
| Tentative Allotment | Wed, Nov 8, 2023 |
| Initiation of Refunds | Wed, Nov 8, 2023 |
| Credit of Shares to Demat | Thu, Nov 9, 2023 |
| Tentative Listing Date | Fri, Nov 10, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Nov 7, 2023 |
Investors can bid for a minimum of 250 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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
ESAF Small Finance Bank Limited's revenue increased by 46.29% and profit after tax (PAT) rose by 452.39% between the financial year ending with March 31, 2023 and March 31, 2022.
| 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 market capitalization of ESAF Small Finance Bank IPO is ₹3087.54 Cr.
| KPI | Values |
|---|---|
| RoNW | 17.69% |
The Net Proceeds are proposed to be utilized towards augmentation of the Bank's Tier-I capital base to meet the Bank's future capital requirements which are expected to arise out of growth in the Bank's assets, primarily the Bank's loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.
The Bank expects to receive the benefits of listing the Equity Shares on the Stock Exchanges.
[Dilip Davda] ESFBL has posted growth in its top and bottom lines and continues to enjoy its south centric fancy. Based on annualized FY24 earnings, the issue appears attractively priced. With this equity float, the company will be free for expansion of branches and relaxed regulations. Investors may consider parking of funds for the medium to long-term rewards. Read detail review...
| Listing Date | November 10, 2023 |
| BSE Script Code | 544020 |
| NSE Symbol | ESAFSFB |
| ISIN | INE818W01011 |
| Final Issue Price | ₹60 per share |
| BSE Listing Group | B |
ESAF Small Finance Bank Ltd.
Building No. VII/83/8,
ESAF Bhavan, Thrissur-Palakkad National Highway,
Mannuthy, Thrissur 680 651
Thrissur, Kerala
Phone: +91 487 7123 907
Email: investor.relations@esafbank.com
Website: https://www.esafbank.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: esaf.ipo@damcapital.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
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 ₹463.00 Crores. The issue is priced at ₹60 per share. The minimum order quantity is 250.
The IPO opens on November 3, 2023, and closes on November 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 November 3, 2023 and closes on November 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 Thursday, November 9, 2023. Check the ESAF Small Finance Bank IPO allotment status.
The ESAF Small Finance Bank IPO listing date is on Friday, November 10, 2023.
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