Bank of Maharashtra IPO
Bank of Maharashtra IPO — date, price band, lot size & details 2004
Bank of Maharashtra listed on 12 Apr 2004 at ₹34.1, 48.3% above the ₹23 issue price.
Bank of Maharashtra is a Pune based public sector bank with a large branch network in Maharashtra. Its total income was Rs 2,442.15 crore in FY2003.
Stock price
Bank of Maharashtra is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 25 Feb 2004
- Close 04 Mar 2004
- Allotment 31 Mar 2004
- Refund/credit TBA
- Listing 12 Apr 2004
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 Feb to 4 Mar, 2004 |
|---|---|
| Price Band | TBA |
| Face Value | ₹10 |
| Lot Size | 100 Shares |
| Issue Size | ₹230 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MCS Share Transfer Agent Ltd. |
| Min Investment | ₹ 2,300 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 100 shares at the ₹23 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹2,300 |
| Retail (max) | 86 | 8,600 | ₹1,97,800 |
| S-HNI (min) | 87 | 8,700 | ₹2,00,100 |
| S-HNI (max) | 434 | 43,400 | ₹9,98,200 |
| B-HNI (min) | 435 | 43,500 | ₹10,00,500 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It had a network of 1288 branches.
- 02Profit after tax rose from Rs 46.47 crore in FY2001 to Rs 222.02 crore in FY2003.
- 03Total income rose from Rs 1,928.27 crore in FY2001 to Rs 2,442.15 crore in FY2003.
- 04Return on net worth was 25.25%.
- 05The whole Rs 230 crore issue was fresh capital for the bank.
Risks · 5
- 0146.84% of its branches were rural, with limited potential for business growth as per the prospectus.
- 021876 employees took voluntary retirement in 2000-2001, a sign of high staff costs.
- 03Its business is concentrated in one state; total assets were Rs 24,891.04 crore in FY2003.
- 04Profit was low at Rs 46.47 crore in FY2001 before rising.
- 05The government held 100% before the issue and 76.77% after it, so it controls the bank.
Three years of numbers
All figures in ₹ crore, as reported in the Bank of Maharashtra offer document.
| Metric | 31 Mar 2003 | 31 Mar 2002 | 31 Mar 2001 |
|---|---|---|---|
| Assets | 24,891.04 | 21,583.49 | 19,140.30 |
| Total Income | 2,442.15 | 2,305.58 | 1,928.27 |
| Profit After Tax | 222.02 | 156.27 | 46.47 |
| Reserves and Surplus | 617.61 | 480.24 | 347.86 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Bank of Maharashtra RHP.
Where the money goes
How the company intends to use the proceeds of the issue.
About the company
It offers retail, corporate, agricultural and small business banking, with a strong base in Maharashtra.
The prospectus described a network of 1288 branches, including 12 service branches and 37 extension counters, and said 46.84% of its branches were rural.
The IPO was Rs 230 crore and was entirely a fresh issue at Rs 23 per share, with a face value of Rs 10. The money was to strengthen the bank's capital base for future capital adequacy needs.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
033-40724051/40724052/40724053
The bankers & the filings
Who is running the book, and the documents this page is built from.
Bank of Maharashtra IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
141 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
Axis Capital
255 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Almondz Global Securities Ltd
23 issues handledBest listing: Amar Remedies (+100.0%). Weakest: First Winner Industries (-12.0%).
A.K.Capital Services Ltd
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +4.3%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Bank of Maharashtra?
The current Grey Market Premium is ₹0.
What is the Bank of Maharashtra IPO price band?
₹23, on a face value of ₹10.
When is the allotment?
The basis of allotment is 31 March 2004, with listing on 12 April 2004.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MCS Share Transfer Agent Ltd..
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
