Esaf Small Fin IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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ESAF Small Fin

CMP

52.97

-0.02 (-0.04%)

₹60

Offer Price

₹ 463.00 Cr

Issue Size

₹ 15,000

Min Investment

73.15x

Times Subscribed

250

Lot size

Time Line

  • 03
    Nov 2023
    Open
  • 07
    Nov 2023
    Close
  • 08
    Nov 2023
    Finalisation of Basis of Allotment
  • 08
    Nov 2023
    Initiation of Refunds
  • 09
    Nov 2023
    Transfer of Shares to Demat Account
  • 10
    Nov 2023
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • Expand its geographic presence and penetrate deeper into its existing geographies

  • Penetrate deeper into its existing geographies.

  • Increase its deposits and in particular its NRI deposits and CASA

  • Increase its deposits and in particular its Retail Deposits.

  • Provide a comprehensive suite of banking products catered to the needs of its diverse customer base

Products & Services

  • Microfinance loans, retail loans and other loans and advances

  • ESAF Small Finance Bank Limited is a small finance bank. Its primary products are its advances and deposits.

Strengths

  • Deep understanding of the microfinance segment, which has enabled the bank to grow its business outside of Kerala, its home state

  • Its understanding of the micro loan segment, which has enabled the bank to grow its business outside of Kerala, its home state.

  • Strong rural and semi-urban banking franchise

  • Strong rural and semi-urban banking franchise.

  • Fast growing retail deposit portfolio with low concentration risk

Risks

  • Its business is significantly dependent on Micro Loans and any adverse developments in the microfinance sector could adversely affect its business, financial condition, results of operations and cash flows.

  • A majority of the Bank advances are unsecured. If its unable to recover such advances in a timely manner or at all, the financial condition, results of operations and cash flows may be adversely affected.

  • The Bank incur significant operating expenses and any increase in these operating expenses without a corresponding increase in its Net Interest Income and other income combined will adversely affect the Bank financial condition, results of operations and cash flows.

  • The Bank could be subject to various sanctions and penalties by the RBI for failing to comply with the requirement to list the Equity Shares on a stock exchange in India before July 31, 2021.

  • Its business correspondents (which includes ESMACO, a Promoter Group and Group Entity, and Lahanti, a Group Entity) have sourced the majority of its advances. All of the Bank Business correspondents work for it on a nonexclusive basis. If any of its business correspondents and in particular ESMACO prefer to promote the competitors` loans over the Bank loans or the agreements between us and them are terminated or not renewed, it would adversely affect its business, financial condition, results of operations and cash flows.

Company Promoters

Promoters Holding

Issue For IPO
8.80%
Pre Holding

69.40%

Post Holding

60.60%

Top Promoters Holding

Financials

All values in Cr

Mar-2023 Mar-2023 Mar-2023 3-Yr trend
Revenue 2,853.66 (0.00%) 17.69 (-) 17.63 (-0.30%)
Gross Profit 2,853.66 (0.00%) 17.69 (-) 17.63 (-0.30%)
Net Income 2,853.66 (0.00%) 17.69 (-) 17.63 (-0.30%)
Assets 2,853.66 (0.00%) 17.69 (-) 17.63 (-0.30%)
Liabilities 2,853.66 (0.00%) 17.69 (-) 17.63 (-0.30%)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
ESAF Small Finance Bank Ltd 2,853.66 302.33 19,734.82 18,019.82 17.69 0.00 38.16 2.50 0.91
Suryoday Small Finance Bank Ltd 1,183.68 77.69 9,861.22 9,861.22 4.90 7.32 149.28 0.78 0.00
CreditAccess Grameen Ltd 3,545.12 826.06 21,858.10 21,858.10 16.17 51.82 321.37 3.77 3.19
Spandana Sphoorty Financial Ltd 1,400.75 12.32 9,382.60 9,382.60 0.39 1.74 436.62 0.13 1.96
Bandhan Bank Ltd 15,904.70 2,194.64 155,769.97 155,769.97 11.20 13.62 121.58 1.40 0.00
Ujjivan Small Finance Bank Ltd 4,164.99 1,099.92 33,316.88 33,316.88 27.43 5.82 20.51 3.30 0.00
Equitas Small Finance Bank Ltd 4,161.88 573.59 34,958.13 34,958.13 11.12 4.71 46.44 1.64 0.00

Book Running Managers

  • ICICI Securities Ltd
  • DAM Capital Advisors Ltd
  • Nuvama Wealth Management Ltd

Registrar & Transfer Agent

Link Intime India Pvt Ltd

C-101 247 Park,
L B S Marg,
Vikhroli West - Mumbai-400083
Phone : 91-22-49186000 Fax: 91-22-49186060

Company Contact Information

Bldg. # VII/83/8 ESAF Bhavan,
Tri-Palakkad N.Hiway. Mannuthy,
Trissur - 680651
Phone : +91 487 7123 907 Email : investor.relations@esafbank.com www.esafbank.com

Offer Related Information

Initial public offer of 77,356,059* equity shares of face value of Rs. 10 each ("Equity Shares") of ESAF Small Finance Bank Limited ("Bank" or "Issuer") for cash at a price of Rs. 60^ per equity share (including a share premium of Rs. 50 per equity share) aggregating to Rs. 463.00* crores (the "Offer") comprising a fresh issue of 65,306,060* equity shares aggregating to Rs. 390.70* crores (the "Fresh Issue") and an offer for sale of 12,049,999* equity shares aggregating to Rs. 72.30* crores... More

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