ESAF Small Finance Bank IPO allotment status: Check application, latest GMP and listing date

ESAF Small Finance Bank is set to finalize the basis of allotment of its equity shares on Wednesday, November 8. Bidders, who will receive the allotment of equity shares will begin getting alerts and messages for amount debit or revocation of the mandate by late night or early on Thursday. The lender's primary offering had received a strong response from the investors.

Kerala-based ESAF Small Finance Bank sold its IPO in the range of Rs 57-60 apiece with a lot size of 250 shares, which was open for bidding between November 3 and November 7. The private lender was looking to raise a total of Rs 463 crore via IPO route, which included a fresh issue of Rs 390.70 crore and an offer-for-sale (OFS) of up to 6.51 crore equity shares.

The issue was overall subscribed a stellar 73.15 times during the three-day bidding process. The portion for qualified institutional bidders (QIBs) was a whopping 173.52 times, while the portion set aside for non-institutional investors saw robust 84.37 times bidding. The allocation reserved for retail investors and employees was subscribed 16.97 times and 4.36 times, respectively.

Grey market premium (GMP) of ESAF Small Finance Bank has surged, following the steep buying interest of investors across all the categories. Last heard, ESAF Small Finance Bank was commanding a premium of Rs 21 apiece in the unofficial market, suggesting a listing pop of around 35 per cent for the investors. However, it was in single digits when the issue was announced.

ESAF Small Finance Bank focuses on providing loans to rural and semi-urban customers, providing financial solutions such as micro loans, retail loans, MSME loans, loans to financial institutions and agricultural loans. As of FY23, It had a network of 700 outlets, 743 customer service centers, 20 business correspondents and 481 business facilitators, 581 ATM's located across 21 states of India.

Brokerage firms were mostly positive on the IPO of ESAF Small Finance Bank. Analysts cited the sound fundamentals, growing business, attractive valuations, and strong-hold in the markets of Southern India as the key positive for the lender.
 

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ICICI Securities, DAM Capital Advisors and Nuvama Wealth Management are the lead managers to the IPO of ESAF SFB, while Link Intime India has been appointed as the registrar to the issue. Shares of the lender will be listed at both BSE and NSE on Friday, November 10, 2023.

Investors, who bid for the issue of ESAF Small Finance Bank, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select ESAF Small Finance Bank Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button.

Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of ESAF Finance Bank in the dropbox. Enter the PAN Card numbers and hit 'search' to get the allotment status for your application.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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