Suryoday Small Finance Bank plans up to Rs 1,000 crore IPO by next year

Ahead of this, the SFB will raise Rs 65 crore via increase in promoter shareholding from 27% currently, to 30% by this August

Mumbai-based Suryoday Small Finance Bank (SSFB) is upping the ante in terms of retail banking expansion, ahead of its initial public offer (IPO) next year. 

Baskar Babu, MD and CEO of the small finance bank (SFB), said that it has planned to raise anywhere between Rs 600 crore and Rs 1,000 crore through the IPO next year. 

"We will begin preparing for the IPO by December 2019. We are aiming for the IPO by September next year. We are looking to raise Rs 400 crore through offer for sale (OFS) but