SEBI gives nod to Suryoday Small Finance Bank to launch its IPO

Markets regulator Securities and Exchanges Board of India (SEBI) has green signaled the proposal of Suryoday Small Finance Bank to float its initial public offering (IPO).

The IPO will comprise of a fresh issue of 1,15,95,000 shares and an offer for sale of up to 84,66,796 shares by the existing shareholders, according to the draft papers filed with the SEBI. The bank had filed its IPO preliminary papers in October.

The small lender's shares are likely to be listed on both the BSE Sensex and NSE Nifty. Soon after its listing, the bank will join its listed peers Ujjivan SFB, AU Small Finance Bank and Equitas SFB.

International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius and and Americorp Ventures will offer shares through the offer for the sale route.