AU Small Finance Bank IPO to open on June 28

AU Small Finance Bank on Monday said it has fixed a price band of Rs. 355-358 an equity share for its initial public offering.

The IPO bid/offer will open on June 28 and close on June 30. Bids can be made for a minimum of 41 equity shares and in multiples of 41 equity shares thereafter.

The IPO of 5.34 crore equity shares of face value Rs. 10 each for cash (including share premium) is through an offer-for-sale by promoters — Sanjay Agarwal, Jyoti Agarwal, Shakuntala Agarwal, Chiranji Lal Agarwal; MYS Holdings; Redwood Investment; International Finance Corporation; Labh Investments; Ourea Holdings; and Kedaara Capital Alternative Investment Fund.

The small finance bank said all investors (except anchor investors) have to participate in this offer only through the Application Supported by Blocked Amount (ASBA) process, and have to provide details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks.

AU Small Finance Bank recently transitioned from being a retail focused non-banking finance company, which primarily served low- and middle-income individuals and businesses that have limited or no access to formal banking and finance channels, to a small finance bank after receiving a license from the Reserve Bank of India to set up an SFB on December 20, 2016.