Suryoday Small Finance Bank (SFB) announced its plans to raise upto Rs 1,000 crore through initial public offer (IPO) by mid-2020.
The company would raise about Rs 400 crore through an offer-for-sale (OFS), while fresh capital infusion would take the total IPO size anywhere between Rs 600 crore and Rs 1,000 crore, informed a top official here.
R Baskar Babu, CEO, Suryoday Small Finance Bank stated that the preparations for the IPO will begin from December this year following compliance requirements. “The IPO will come by September 2020. We are looking to raise Rs 400 crore through OFS, while further fresh equity infusion will take the IPO size between Rs 600 and Rs 1,000 crore,” said Babu.
The scheduled commercial bank, which started banking operations in January 2017, has achieved an asset portfolio of about Rs 3,000 crore and deposit book of about Rs 1,800 crore.
“We are planning to increase our asset portfolio to approx Rs 4,500-5,000 crore, while the deposits are expected to increase to Rs 3,500-4,000 crore by end of the fiscal,” said Babu, who was in Ahmedabad to announce bank’s expansion in Gujarat market.
Suryoday SFB is also planning to increase its number of banking outlets from the current 382 to about 600 by March next year.