Bandhan Bank shares to get listed on March 27

Shares of private lender Bandhan Bank would get listed on both the NSE and the BSE on March 27 after its IPO was oversubscribed by 14.6 times.

The bank proposed to raise Rs 4500 crore from the IPO, primarily to raise capital base and allow part exit of one of its existing shareholders IFC.

"The shares will get listed on both the NSE and the BSE on March 27," MD and CEO of Bandhan Bank C S Ghosh told PTI.
 

Ghosh said he was expecting a bullish response from the market as the IPO was well received by the investors and retail individuals.

After migrating from only micro-financing activity, the bank now adopted a unique model of entering normal banking services after getting the in-principle license from the RBI.

This retail banking network has grown to 864 bank branches and 386 ATMs as of 30 September 2017.

The bank's network is particularly strong in east and northeast India, with West Bengal, Assam and Bihar together accounting for 57.75 per and 58.13 per cent of branches and door step services (DSC) respectively. 

With a micro loan customers base of 9.47 million, the bank has strong very hold in microfinance. 

The issue opened on March 15 and countinued till March 19.

The IPO was book built issue IPO with issue Size of 119, 280, 494 and the Equity Shares of Rs 10 aggregating up to Rs 4,473.02 Crore. Face Value: Rs 10 Per Equity Share Issue Price: Rs 370 - Rs 375 Per Equity Share with a market lot of 40 shares. 

The shares will be listed on both BSE and NSE.