ESAF to decide on Rs 976 cr IPO

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New Delhi: Kerala-based ESAF Small Finance Bank has said it will take a call on Rs 976 crore initial public offering (IPO) after September.

As part of its commitment for going public by listing its stock in line with requisite guidelines, the bank had filed draft red herring prospectus (DRHP) in January and subsequently got approval from the market regulator Sebi in the last week of March.

However, the bank could not go to market due to lockdown imposed in the wake of COVID-19 outbreak. “We have Sebi approval but we have not yet decided about the right time. After September, we will take a call about the IPO in consultation with merchant bankers,” its MD K Paul Thomas told PTI.

The proposed IPO comprises a fresh issue worth Rs 800 crore and an offer for sale (OFS) aggregating up to Rs 176.2 crore. Currently, promoters and promoter group together hold 77.94 per cent stake in the bank, which commenced its operation in March 2017.