ESAF Small Finance Bank IPO vs Fedbank Financial Services IPO

Comparision between ESAF Small Finance Bank IPO and Fedbank Financial Services IPO.

IPO Details

ESAF Small Finance Bank IPO is a Mainline Book Built Issue IPO proposed to list at BSE, NSE while Fedbank Financial Services IPO is a Mainline Book Built Issue proposed to list at BSE, NSE.

	ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
Logo
Issue Category	Mainline	Mainline
Issue Type	IPO	IPO
Process Type	Book Built Issue	Book Built Issue
Listing At	BSE, NSE	BSE, NSE
Lead Managers	ICICI Securities Limited Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd) Nuvama Wealth Management Limited	ICICI Securities Limited Bnp Paribas Equirus Capital Private Limited Jm Financial Limited
Registrar	Link Intime India Private Ltd	Link Intime India Private Ltd
Market Maker
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor	Anchor Investor	Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of ESAF Small Finance Bank IPO is up to ₹463.00 Cr whereas the issue size of the Fedbank Financial Services IPO is up to ₹1,092.26 Cr. The final issue price of ESAF Small Finance Bank IPO is ₹60.00 per share and of Fedbank Financial Services IPO is ₹140.00 per share.

	ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
Face Value	₹10 per share	₹10 per share
Issue Price (Lower)	₹57.00 per share	₹133.00 per share
Issue Price (Upper)	₹60.00 per share	₹140.00 per share
Issue Price (Final)	₹60.00 per share	₹140.00 per share
Discount (Retail)
Discount (Employee)	₹5.00 per share	₹10.00 per share
Market Lot Size	250 shares	107 shares
Fresh Issue Size	6,51,16,667 shares	4,29,12,087 shares
Fresh Issue Size (Amount)	up to ₹390.70 Cr	up to ₹600.77 Cr
OFS Issue Size	1,20,50,000 shares	3,51,61,723 shares
OFS Issue Size (Amount)	up to ₹72.30 Cr	up to ₹492.26 Cr
Issue Size Total	7,71,66,667 shares	7,80,73,810 shares
Issue Size Total (Amount)	up to ₹463.00 Cr	up to ₹1,092.26 Cr

IPO Timetable

ESAF Small Finance Bank IPO opens on Nov 03, 2023, while Fedbank Financial Services IPO opens on Nov 22, 2023. The closing date of ESAF Small Finance Bank IPO and Fedbank Financial Services IPO is Nov 07, 2023, and Nov 24, 2023, respectively.

	ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
Anchor Bid Date	Nov 02, 2023	Nov 21, 2023
Issue Open	Nov 03, 2023	Nov 22, 2023
Issue Close	Nov 07, 2023	Nov 24, 2023
Basis Of Allotment (Tentative)	Nov 08, 2023	Nov 28, 2023
Initiation of Refunds (Tentative)	Nov 08, 2023	Nov 28, 2023
Credit of Share (Tentative)	Nov 09, 2023	Nov 29, 2023
Listing date (Tentative)	Nov 10, 2023	Nov 30, 2023
Anchor Lockin End date 1	Dec 08, 2023	Dec 28, 2023
Anchor Lockin End date 2	Feb 06, 2024	Feb 26, 2024

Financials

ESAF Small Finance Bank IPO P/E ratio is 8.94, as compared to Fedbank Financial Services IPO P/E ratio of 25.04.

ESAF Small Finance Bank IPO

Fedbank Financial Services IPO

Financial

ESAF Small Finance Bank Limited Financial Information (Restated)

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
Revenue	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

Fedbank Financial Services Limited Financial Information (Restated)

Fedbank Financial Services Limited's revenue increased by 37.46% and profit after tax (PAT) rose by 74.11% 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	9,412.51	9,070.99	6,555.71	5,466.31
Revenue	367.87	1,214.68	883.64	697.57
Profit After Tax	53.88	180.13	103.46	61.68
Net Worth	1,414.90	1,355.68	1,153.52	834.73
Reserves and Surplus	1,076.67	1,021.52	832.00	544.45
Total Borrowing	7,619.52	7,135.82	5,016.84	4,328.09
Amount in ₹ Crore

Promoter Shareholding (Pre-Issue)

74.43%

72.28%

Promoter Shareholding (Post-Issue)

59.74%

62.40%

P/E Ratio

8.94

25.04

Market Cap

₹3087.54 Cr.

₹5165.06 Cr.

ROE

14.36%%

ROCE

Debt/Equity

EPS

₹6.73

₹5.60

RoNW

17.69%%

13.29%%

Shares Offered

In the ESAF Small Finance Bank IPO retail investors (RII) are offered 2,62,79,167 shares while in Fedbank Financial Services IPO retail investors are offered 2,62,79,167 shares. Qualified institutional buyers (QIB) are offered 1,50,16,669 shares in ESAF Small Finance Bank IPO and 1,54,60,916 shares in Fedbank Financial Services IPO.

	ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
Anchor Investor Reserveration	2,25,24,998 shares	2,31,91,374 shares
Market Maker Reserveration
QIB	1,50,16,669 shares	1,54,60,916 shares
NII	1,12,62,500 shares	1,15,95,687 shares
RII	2,62,79,167 shares	2,70,56,603 shares
Employee	22,83,653 shares	8,13,008 shares
Others
Total	5,48,41,989 shares	5,49,26,214 shares

Bids Received (Subscription)

ESAF Small Finance Bank IPO subscribed 77.00x in total, whereas Fedbank Financial Services IPO subscribed 2.24x.

	ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
QIB (times)	182.66x	3.48x
NII (times)	88.81x	1.49x
Big NII (times)	96.51x	1.27x
Small NII (times)	73.41x	1.95x
RII (times)	17.86x	1.88x
Employee (times)	4.59x	1.34x
Other (times)
Total (times)	77.00x	2.24x

Compare with others

ESAF Small Finance Bank IPO	Fedbank Financial Services IPO
Flair Writing IPO	Muthoot Microfin IPO
IREDA IPO	DOMS IPO
Fedbank Financial Services IPO	Allied Blenders IPO
Gandhar Oil Refinery India IPO	Flair Writing IPO
ASK Automotive IPO	IREDA IPO
Cello World Limited IPO	Gandhar Oil Refinery India IPO
Mamaearth IPO	ASK Automotive IPO
Blue Jet Healthcare IPO	ESAF Small Finance Bank IPO
Protean eGov Technologies IPO	Cello World Limited IPO
IRM Energy IPO	Mamaearth IPO

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