Jana Small Finance Bank Ltd IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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Jana Small Finan

CMP

450.60

-4.80 (-1.05%)

₹414

Offer Price

₹ 570.00 Cr

Issue Size

₹ 14,904

Min Investment

18.50x

Times Subscribed

36

Lot size

Time Line

  • 07
    Feb 2024
    Open
  • 09
    Feb 2024
    Close
  • 12
    Feb 2024
    Finalisation of Basis of Allotment
  • 13
    Feb 2024
    Initiation of Refunds
  • 13
    Feb 2024
    Transfer of Shares to Demat Account
  • 14
    Feb 2024
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • Focus on accelerating its secured loans book with the purpose of meeting customers` needs and diversifying its lending book.

  • Reshape its unsecured loans (Microfinance Loans) business.

  • Improve our risk profile.

  • Enhance the growth of Retail Deposits.

  • Alliances with third parties from banking to broking.

Products & Services

  • We offer secured loans, including micro loans against property, loans to micro, small and medium enterprises, affordable housing loans, term loans to non-banking finance companies, loans against fixed deposits

  • two-wheeler loans and gold loans, and unsecured loans, including individual and micro business loans, agricultural and allied loans, and loans offered to groups of women

Strengths

  • Digitalised bank and majority services are available in digital form to customers.

  • Integrated risk and governance framework.

  • Professional and experienced management and Board.

  • Customer-centric organization with more than 16 years` experience in serving underbanked and underserved customer.

  • Pan-India presence with strong brand recognition.

Risks

  • The bank is subject to inspections by various regulatory authorities, such as the RBI, PFRDA, IRDA and National Pension System Trust. Non-compliance with the observations of such regulators could adversely affect its business, financial condition, results of operations and cash flows.

  • The bank is subject to stringent regulatory requirements and prudential norms. In addition, some of these regulatory requirements and prudential norms are more onerous for Small Finance Banks compared to other banks. The bank has not been able to comply with certain provisions of the SFB Licensing Guidelines and the RBI Final Approval. As a result, the RBI may take regulatory action against it, which could include imposition of monetary penalties, revocation of the RBI Final Approval or such other penal actions and restrictions deemed fit by the RBI, the imposition of any of which could have a material adverse effect on its business, financial condition, results of operations and cash flows.

  • Its Bank is subject to restrictions relating to the Equity Shares as per the RBI In-Principle Approval, RBI Final Approval, SFB Licensing Guidelines and SFB Operating Guidelines.

  • There have been irregularities in certain regulatory filings made by it with the RoC under applicable law and delays in submitting regulatory filings with the RBI. Further, certain of its statutory and regulatory records are untraceable. The bank cannot assure you that no legal proceedings or regulatory actions will be initiated against its Bank in the future in relation to such missing corporate records or irregular filings.

  • Its non-convertible debentures are listed on the BSE and the bank is subject to rules and regulations with respect to such listed non-convertible debentures. If its fail to comply with such rules and regulations, its may be subject to certain penal actions, which may have an adverse effect on its business, results of operations, financial condition and cash flows.

Company Promoters

Promoters Holding

Issue For IPO
25.23%
Pre Holding

25.23%

Post Holding

-

Top Promoters Holding

Financials

All values in Cr

Mar-2022 Mar-2023 Mar-2023 3-Yr trend
Revenue 2,726.54 (9.20%) 3,075.01 (12.80%) 14.40 (-)
Gross Profit 2,726.54 (9.20%) 3,075.01 (12.80%) 14.40 (-)
Net Income 2,726.54 (9.20%) 3,075.01 (12.80%) 14.40 (-)
Assets 2,726.54 (9.20%) 3,075.01 (12.80%) 14.40 (-)
Liabilities 2,726.54 (9.20%) 3,075.01 (12.80%) 14.40 (-)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
Jana Small Finance Bank Ltd 3,075.01 255.97 24,408.73 22,611.47 14.40 0.00 277.79 2.05 0.93
Electronica Finance Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
SAY India Jewellers Pvt Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
Fusion Micro Finance Ltd 1,741.92 387.14 9,363.54 9,363.54 16.67 43.29 231.39 4.13 2.92
Utkarsh Small Finance Bank Ltd 2,504.98 404.50 19,117.54 19,117.54 20.22 4.52 22.33 2.11 0.00

Book Running Managers

  • Axis Capital Ltd
  • ICICI Securities Ltd
  • SBI Capital Markets Ltd

Registrar & Transfer Agent

KFin Techologies Ltd

Karvy Selenium Tow-B,
31&32 Financial Dist,
Nanakramguda - Hyderabad-500032
Phone : 91-40-67162222 Fax: 91-40-23001153/23420814

Company Contact Information

The Fairway B.Park # 10/1 11/2,
12/2B Nxt to EGL Challaghatta,
Bangalore - 560071
Phone : +91 80 4602 0100 Email : investor.grievance@janabank.com www.janabank.com

Offer Related Information

Initial public offer of 13,768,049# equity shares of face value of Rs. 10 each ("Equity Shares") of Jana Small Finance Bank Limited ("Bank" or "Issuer") for cash at a price of Rs. 414 per equity share (including a share premium of Rs. 404 per equity share) aggregating to Rs. 570.00# crores ("Offer") comprising of a fresh issue of 11,159,420# equity shares aggregating to Rs. 462.00#* crores (the "Fresh Issue") and an offer for sale of 2,608,629# equity shares aggregating to Rs. 108# crores (the... More

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