Bandhan Bank yet to decide on IPO size required to meet regulatory norms

Private lender Bandhan Bank would decide on the size of the proposed IPO, which it was required to make to meet the regulatory norms.

"We are required to come out with the IPO not for money, but to meet regulatory compliance. The size and timing of the IPO will be decided on a later course", MD and CEO of Bandhan Bank Chandra Shekhar Ghosh said.

Ghosh said although the bank had appointed investment bankers to work out on the modalities of the IPO, likely to hit the capital market by August next year.

The present shareholders of Bandhan Bank, SIDBI, IFC and GIC of the Singaporean government were likely to take part in the maiden offering.

Bandhan Bank, which started full-fledged banking operations in August 2016, was asked by RBI to come out with the IPO in three years from then, he told PTI.

The bank had appointed Goldman Sachs, JP Morgan Chase and three others as investment bankers for the IPO.

Meanwhile, Bandhan Bank had emerged as among one of the highest among Mudra loan disbursements in West Bengal.

Till September 30, 2017, Mudra loan disbursement by the bank was Rs 2,177 crore.