Equitas SFB prunes IPO size by half to Rs 518 cr, issue opens Oct 20

Price band fixed at Rs 32-33 a share; promoter stake to drop to 82-83% from 95.49% currently

Equitas Small Finance Bank (ESFB), a subsidiary of Chennai-based Equitas Holdings, has fixed the price band for its upcoming initial public offering (IPO) at Rs 32-33 per share. The IPO will open for subscription on October 20 and close on October 22. The issue for anchor investors will open on October 19.

Speaking to reporters today, P N Vasudevan, CEO, Equitas SFB, said that the promoter stake in SFB will drop to 82-83 per cent from the current 95.49 per cent post the IPO.

The public issue consists a fresh issue of Rs 280 crore, and an offer for sale