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Equitas Small Finance Bank files draft papers for IPO, to raise Rs 550 cr

The equity shares of the company will be listed on the BSE and the NSE.

Press Trust of India  |  New Delhi 

IPO market

Equitas Small Bank has filed draft papers with capital markets regulator Sebi for its proposed initial public offering.

The initial public offering (IPO) comprises of a fresh issue aggregating up to Rs 550 crore and an offer for sale of up to 8 crore equity shares by Equitas Holdings Limited, according to the draft red herring prospectus (DRHP) filed on Monday.

Chennai-based proposes to utilise the net proceeds from the offer towards augmenting bank's Tier I capital base to meet its future capital requirements.

Equitas Holdings Limited (EHL) is the promoter of the company.

JM Financial, Edelweiss Financial Services and IIFL Securities are the lead managers to the issue.

The equity shares of the company will be listed on the BSE and the NSE.

has been providing housing since 2011 through Equitas Housing Limited (EHFL). The company has also been providing vehicle finance and micro and small enterprises (MSE) finance, according to the DRHP.

As of September 30, 2019, the company's distribution channels comprised 853 banking outlets and 322 ATMs across 15 states and union territories in India, it added.

First Published: Mon, December 16 2019. 20:10 IST