Jana Small Finance Bank IPO will open for subscription from 07 February 2024. The company aims for an issue size of ₹570 Cr through this IPO.
Company Overview
| Full name | Jana Small Finance Bank Limited |
| Sector | Banking |
| Industry | Bank – Private |
| Company Website | https://www.janabank.com/ |
About Company
Established in the year 2006, Jana Small Finance Bank is officially recognized as a non-banking finance company (NBFC). It currently holds the position of being the fourth-largest Small Finance Bank based on AUM and also ranks fourth in terms of deposit size, as of 30 September 2023. The bank boasts a network of 771 banking outlets, which includes 278 situated in unbanked rural centers, spread across 22 states and two union territories. Since its inception in 2008, Jana Bank has been dedicated to serving nearly 12 million customers, with 4.87 million of them actively engaged as of 30 September 2023.
The main categories of secured loan products encompass secured business loans, micro-loans against property (Micro LAP), MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans, and gold loans. On the other hand, the primary unsecured loan products include individual and micro business loans, agricultural and allied loans, as well as group loans. Group loans are specifically extended to a collective of women following the Joint Liability Group (JLG) model.
The secured gross advances as a percentage of total gross advances have increased from 42.87% as of 31 March 2021 to 57.42% as of 30 September 2023. The agricultural and allied loans as a percentage of gross advances have increased from 13.10% as of 31 March 2021 to 16.93% as of 30 September 2023.
The Objectives of the Issue
The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting the Bank’s Tier-1 capital base to meet the Bank’s future capital requirements. Further, the proceeds from the Fresh Issue will also be used towards meeting the expenses of the Offer. The Bank expects to receive the benefits of listing the Equity Shares on the Stock Exchanges.
Jana Small Finance Bank IPO Timetable
| IPO Opening date | 07 February 2024 |
| IPO Closing | 09 February 2024 |
| Basis of Allotment | 12 February 2024 |
| Initiation Refund | 13 February 2024 |
| Credit to Demat Account | 13 February 2024 |
| Listing Date | 14 February 2024 |
Jana Small Finance Bank IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹570 Cr – 13,768,049 shares |
| Fresh Issue | ₹462 Cr – 11,159,420 shares |
| Offer for sale | ₹108 Cr – 2,608,629 shares |
| Face value | ₹10 per share |
| Price Band | ₹393 to ₹414 per share |
| Lot size | 36 Shares |
| Shareholding pre-issue | 93,430,855 |
| Shareholding post-issue | 104,590,275 |
| Listing Exchange | BSE & NSE |
Jana Small Finance Bank IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹193,752 |
| S-HNI (Min) | 14 | 504 | ₹208,656 |
| S-HNI (Max) | 67 | 2,412 | ₹998,568 |
| B-HNI (Min) | 68 | 2,448 | ₹1,013,472 |
Jana Small Finance Bank IPO Reservation Details
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 4,032,588 (30.00%) |
| QIB Shares Offered | 2,688,392 (20.00%) |
| NII (HNI) Shares Offered | 2,016,294 (15.00%) |
| bNII > ₹10L | 1,344,196 (10.00%) |
| sNII < ₹10L | 672,099 (5.00%) |
| Retail Shares Offered | 4,704,687 (35.00%) |
| Total Shares Offered | 13,441,961 (100%) |
Jana Small Finance Bank Financial Performance
| FY 2021 | FY 2022 | FY 2023 | H1 FY 2024 | |
| Revenue | 2,720.74 | 3,062.37 | 3,699.88 | 2,215.57 |
| Expenses | 2,648.48 | 3,044.89 | 3,443.90 | 2,002.35 |
| Net income | 72.26 | 17.47 | 255.97 | 213.22 |
| Margin (%) | 2.66 | 0.57 | 6.92 | 9.62 |
VJana Small Finance Bank Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 13.46 | 3.21 | 42.64 |
| PE ratio | – | – | 9.22 – 9.71 |
| RONW (%) | 6.56 | 1.47 | 14.40 |
| NAV | 217.00 | 230.41 | 323.23 |
| ROE (%) | 6.51 | 1.53 | 16.78 |
| EBITDA (%) | 5.69 | 3.21 | 8.77 |
| Debt/Equity | 0.40 | 0.33 | 0.28 |
Company Promoters
- Jana Capital Limited and Jana Holdings Limited.
Promoter Holding
| Pre Issue Share Holding | 25.20% |
| Post Issue Share Holding | – |
Jana Small Finance Bank IPO Lead Manager(s)
- Axis Capital Limited
- ICICI Securities Limited
- SBI Capital Markets Limited
Jana Small Finance Bank – Comparison With Listed Peers
| Company | Face Value | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Jana Small Finance Bank | 10 | 9.71 | 47.47 | 14.40 | 323.23 | 3,699.88 |
| AU Small Finance Bank | 10 | 31.55 | 21.86 | 13.00 | 164.64 | 9,239.83 |
| Suryoday Small Finance Bank | 10 | 23.97 | 7.32 | 4.90 | 149.28 | 1,281.10 |
| CreditAccess Grameen | 10 | 21.84 | 52.04 | 16.18 | 326.89 | 3,550.79 |
| Spandana Sphoorty Financial | 10 | 16.43 | 1.74 | 0.40 | 436.58 | 1,477.03 |
| Bandhan Bank | 10 | 17.35 | 13.62 | 11.21 | 121.58 | 18,373.25 |
| Ujjivan Small Finance Bank | 10 | 7.58 | 5.88 | 26.45 | 21.27 | 4,754.19 |
| Equitas Small Finance Bank | 10 | 18.55 | 4.71 | 11.12 | 46.44 | 4,831.46 |
| Fusion Micro Finance | 10 | 16.34 | 43.29 | 16.67 | 230.74 | 1,799.97 |
| Utkarsh Small Finance Bank | 10 | 11.55 | 4.52 | 20.22 | 22.33 | 2,804.29 |
Jana Small Finance Bank Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower – B, Plot 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana
Tel: +91 40 6716 2222
E-mail: jana.ipo@kfintech.com
Website: www.kfintech.com
Jana Small Finance Bank Contact Details
JANA SMALL FINANCE BANK LIMITED
The Fairway Business Park, #10/1, 11/2,
12/2B, off Domlur, Koramangala Inner Ring Road,
Next to EGL, Challaghatta, Bengaluru 560 071, Karnataka
Phone: +91 80 4602 0100
Email: investor.grievance@janabank.com
Website: www.janabank.com
Jana Small Finance Bank IPO Allotment Status
Jana Small Finance Bank IPO allotment status will be available on the KFin Tech website. Click on this link to get allotment status.
Jana Small Finance Bank IPO FAQs
How many shares in Jana Bank IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for Jana Small Finance Bank Public Offer?
The best way to apply for Jana Small Finance Bank’s public offer is through Internet banking ASBA. You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
