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ESAF Small Finance Bank IPO is a book built issue of Rs 463.00 crores. The issue is a combination of fresh issue of 6.51 crore shares aggregating to Rs 390.70 crores and offer for sale of 1.2 crore shares aggregating to Rs 72.30 crores.
ESAF Small Finance Bank IPO bidding started from November 3, 2023 and ended on November 7, 2023. The allotment for ESAF Small Finance Bank IPO was finalized on Wednesday, November 8, 2023. The shares got listed on BSE, NSE on November 10, 2023.
ESAF Small Finance Bank IPO price band is set at ₹57 to ₹60 per share. The minimum lot size for an application is 250 Shares. The minimum amount of investment required by retail investors is ₹15,000. The minimum lot size investment for sNII is 14 lots (3,500 shares), amounting to ₹210,000, and for bNII, it is 67 lots (16,750 shares), amounting to ₹1,005,000.
The issue includes a reservation of up to 2,283,653 shares for employees offered at a discount of Rs 5 to the issue price.
ICICI Securities Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd) and Nuvama Wealth Management Limited are the book running lead managers of the ESAF Small Finance Bank IPO, while Link Intime India Private Ltd is the registrar for 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 |
| Price Band | ₹57 to ₹60 per share |
| Lot Size | 250 Shares |
| Total Issue Size | 77,166,667 shares (aggregating up to ₹463.00 Cr) |
| Fresh Issue | 65,116,667 shares (aggregating up to ₹390.70 Cr) |
| Offer for Sale | 12,050,000 shares of ₹10 (aggregating up to ₹72.30 Cr) |
| Employee Discount | Rs 5 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding post issue | 514,779,858 |
ESAF Small Finance Bank IPO offers 77,366,987 shares. 15,016,669 (19.41%) to QIB, 11,262,500 (14.56%) to NII, 26,279,167 (33.97%) to RII, 2,283,653 (2.95%) to employees and 22,524,998 (29.11%) to Anchor investors. 105,116 RIIs will receive minimum 250 shares and 1,072 (sNII) and 2,145 (bNII) will receive minimum 3,500 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 22,524,998 (29.11%) | NA |
| QIB Shares Offered | 15,016,669 (19.41%) | NA |
| NII (HNI) Shares Offered | 11,262,500 (14.56%) | |
| bNII > ₹10L | 7,508,333 (9.70%) | 2,145 |
| sNII < ₹10L | 3,754,167 (4.85%) | 1,072 |
| Retail Shares Offered | 26,279,167 (33.97%) | 105,116 |
| Employee Shares Offered | 2,283,653 (2.95%) | NA |
| Total Shares Offered | 77,366,987 (100%) |
ESAF Small Finance Bank IPO raises Rs 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 | 22,524,998 |
| 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 | Friday, November 3, 2023 |
| IPO Close Date | Tuesday, November 7, 2023 |
| Basis of Allotment | Wednesday, November 8, 2023 |
| Initiation of Refunds | Wednesday, November 8, 2023 |
| Credit of Shares to Demat | Thursday, November 9, 2023 |
| Listing Date | Friday, November 10, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 7, 2023 |
Investors can bid for a minimum of 250 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 250 | ₹15,000 |
| Retail (Max) | 13 | 3250 | ₹195,000 |
| S-HNI (Min) | 14 | 3,500 | ₹210,000 |
| S-HNI (Max) | 66 | 16,500 | ₹990,000 |
| B-HNI (Min) | 67 | 16,750 | ₹1,005,000 |
| Lot Size Calculator | |||
The Promoters of our Bank are Kadambelil Paul Thomas and ESAF Financial Holdings Private Limited.
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 |
| 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 | ||||
The market capitalization of ESAF Small Finance Bank IPO is Rs 3087.54 Cr.
| KPI | Values |
|---|---|
| RoNW | 17.69% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.73 | |
| P/E (x) | 8.94 | 5.94 |
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...
The ESAF Small Finance Bank IPO is subscribed 77.00 times on November 7, 2023 7:02:00 PM. 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) |
|---|---|
| QIB | 182.66 |
| NII | 88.81 |
| bNII (bids above ₹10L) | 96.51 |
| sNII (bids below ₹10L) | 73.41 |
| Retail | 17.86 |
| Employee | 4.59 |
| Total | 77.00 |
Total Application : 1,623,915 (15.45 times)
| Listing Date | November 10, 2023 |
| BSE Script Code | 544020 |
| NSE Symbol | ESAFSFB |
| ISIN | INE818W01011 |
| Final Issue Price | ₹60 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹60.00 |
| ₹71.90 |
| ₹68.50 |
| ₹74.70 |
| ₹69.05 |
| NSE |
|---|
| ₹60.00 |
| ₹71.00 |
| ₹68.55 |
| ₹74.80 |
| ₹69.05 |
ESAF Small Finance Bank Limited
Building No. VII/83/8,
ESAF Bhavan, Thrissur-Palakkad National Highway,
Mannuthy, Thrissur 680 651
Phone: +91 487 7123 907
Email: investor.relations@esafbank.com
Website: https://www.esafbank.com/
Link Intime India Private 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 77,166,667 equity shares of the face value of ₹10 aggregating up to ₹463.00 Crores. The issue is priced at ₹57 to ₹60 per share. The minimum order quantity is 250 Shares.
The IPO opens on November 3, 2023, and closes on November 7, 2023.
Link Intime India Private 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 Shares, and the minimum amount required is ₹15,000.
You can apply in ESAF Small Finance Bank IPO online using either UPI or ASBA as 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 apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, 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.
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