This will be the first initial public offering (IPO) by any company in the current fiscal.
Ahead of the initial share sale on Tuesday, Equitas Holdings has raised Rs 652 crore from anchor investors by selling shares at a price of Rs 110 a piece.
The 15 anchor investors include Franklin Templeton MF, SBI MF, HDFC Standard Life Insurance, Birla Sun Life Trustee, ICICI Prudential MF, Sundaram MF, Tata AIA Life Insurance and Reliance Life Insurance.
The first initial public offering (IPO) in the current fiscal, the company will hit the capital market on Tuesday to raise up to Rs 2,200 crore.
Equitas Holdings, with a licence for a small finance bank, has fixed the price band at Rs 109-110 per share. The initial share sale programme will close on April 7.
The company will allot 5.93 crore shares to anchor investors at Rs 110 a piece, the upper end of the price band, raising a little over Rs 652 crore, according to a filing made to the exchanges.
The allocation was finalised by the company's initial public offer (IPO) committee during its meeting on Tuesday.
Equitas' IPO comprises of fresh issue of shares aggregating Rs 720 crore and an offer for sale of up to 132,425,884 equity shares by existing shareholders, including P N Vasudevan, MD, and private equity stakeholders.
These include the International Finance Corporation, Nederlandse Financierings, Aavishkaar Goodwell India Microfinance Development Company, Sequoia Capital India, Westbridge Ventures and Helion Venture Partners.
The IPO will bring down the company's foreign holding from the present 93% to 35%. As per the norms, foreign shareholding should be below 49% to operate as a small finance bank.
Funds generated from the fresh issue will be used to develop IT infrastructure for the new bank and lending purposes, among others.
The Chennai-based Equitas Holdings in September 2015 had received in-principle approval from the Reserve Bank of India (RBI) to set up a small finance bank to provide basic banking services to small farmers and micro industries.
Axis Capital, ICICI Securities, HSBC and Edelweiss Financial Services are managing the company's IPO.
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