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Suryoday Small Finance Bank

Successful IPO of a small finance bank for INR 580 Cr

2021

KEY HIGHLIGHTS AND VALUE ADD BY SBICAP – INVESTEC

  • Leveraging on the strong research-driven differentiated insights on financial inclusion space,
  • SBICAP spearheaded the marketing efforts ensuring strong investor demand
  • In a 4-bank syndicate, ~35% of the total institutional order book (across Pre IPO, Anchor and  main book) was procured by SBICAP-Investec from high quality investors such as SBI Life, MIT, SBI  General, SBI and others Strong SBI Group support led to a successful deal launch
  • SBICAP procured bids from investors at critical points throughout the deal lifecycle which  generated momentum for deal launch and led to successful closure of the transaction –
    • Pre IPO – Successful Pre-IPO placement of INR 900mn to SBI Life (demand for INR 1.2bn) created momentum for deal launch as other investors drew comfort on the back of the Pre  IPO round
    • IPO – Procured demand from SBI General, MIT (Old Bridge Capital) and SBI (treasury) in the  main book early on to generate further institutional momentum
  • SBICAP-Investec procured bid from MIT which is the sole Long Only investor in the transaction
  • SBICAP-Investec was the retail marketing coordinator; retail category saw highest subscription  amongst all other buckets in the issue
  • SBICAP also shouldered the post-issue responsibility, achieving seamless listing in T+5 days

ISSUE DETAILS

IPO Size INR 5.808 Mn
Price Band INR 303 – 305
Issue Period March 17-19, 2021
BRLMs SBICAP, Axis, ICICI, IIFL

ISSUE SUBSCRIPTION

Category Subscription
Overall 2.02x
QIB 2.18x
NII 1.19x
Retail 2.42x (SBICAP was the retail marketing coordinator)

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