ESAF Small Finance Bank IPO
ESAF Small Finance Bank IPO — date, price band, lot size & details 2023
ESAF Small Finance Bank listed on 10 Nov 2023 at ₹71, 18.3% above the ₹60 issue price.
ESAF Small Finance Bank focuses on unbanked and under-banked customers, especially in rural and semi-urban areas, with micro, retail, MSME and agricultural loans. Its total income was Rs 3,141.57 crore in FY2023.
Stock price
ESAF Small Finance Bank 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 11 November.
- Open 03 Nov 2023
- Close 07 Nov 2023
- Allotment 08 Nov 2023
- Refund/credit 08 Nov 2023
- Listing 10 Nov 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 3 to 7 Nov, 2023 |
|---|---|
| Price Band | ₹57 – ₹60 |
| Face Value | ₹10 |
| Lot Size | 250 Shares |
| Issue Size | ₹463 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 5.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 15,000 |
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 250 shares at the ₹60 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 250 | ₹15,000 |
| Retail (max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (min) | 14 | 3,500 | ₹2,10,000 |
| S-HNI (max) | 66 | 16,500 | ₹9,90,000 |
| B-HNI (min) | 67 | 16,750 | ₹10,05,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 54.73 crore in FY2022 to Rs 302.33 crore in FY2023.
- 02Total income rose from Rs 1,768.42 crore in FY2021 to Rs 3,141.57 crore in FY2023.
- 03Profit after tax was Rs 129.96 crore in the three months to 30 June 2023.
- 04Rs 390.88 crore of the issue was fresh capital for Tier-I capital.
- 05The pre-issue P/E was 8.94 at the upper band of Rs 60, as per the source.
Risks · 5
- 01Profit fell from Rs 105.40 crore in FY2021 to Rs 54.73 crore in FY2022, so earnings have been volatile.
- 02Microfinance loans are unsecured and sensitive to local shocks, and 62.97% of advances were in rural and semi-urban areas.
- 03Total borrowing was Rs 2,739.13 crore on 30 June 2023.
- 04As a small finance bank it must meet RBI rules on capital, liquidity and priority lending. Assets were Rs 20,795.94 crore.
- 05Promoters and the promoter group held 74.43% before the issue and 63.4% after it.
Three years of numbers
All figures in ₹ crore, as reported in the ESAF Small Finance Bank offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 20,795.94 | 20,223.66 | 17,707.56 | 12,338.65 |
| Total Income | 991.78 | 3,141.57 | 2,147.51 | 1,768.42 |
| Profit After Tax | 129.96 | 302.33 | 54.73 | 105.40 |
| NET Worth | 1,839.09 | 1,709.13 | 1,406.80 | 1,352.06 |
| Reserves and Surplus | 1,389.62 | 1,259.66 | 957.32 | 902.59 |
| Total Borrowing | 2,739.13 | 3,354.20 | 2,952.83 | 1,694.00 |
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 ESAF Small Finance Bank RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
ESAF Small Finance Bank IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 8.94 | 5.94 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹60 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹390.70 Cr of the issue is earmarked to named objects.
About the company
On 30 June 2023, rural and semi-urban centres made up 62.97% of its gross advances and 71.71% of its banking outlets.
Its loans include micro loans such as microfinance, retail loans such as gold loans, mortgages, personal and vehicle loans, MSME loans, loans to financial institutions and agricultural loans. Its deposits include current, savings, term and recurring deposits. Its promoters are ESAF Financial Holdings and Kadambelil Paul Thomas.
The IPO was Rs 463 crore, with Rs 390.88 crore of fresh issue and Rs 72.12 crore of offer for sale by the promoter ESAF Financial Holdings, PNB MetLife and Bajaj Allianz Life. The fresh money was meant to augment the bank's Tier-I capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
ESAF Small Finance Bank 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.
Nuvama Wealth Management Ltd.
42 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Dam Capital Advisors Ltd
44 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
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 ESAF Small Finance Bank?
The current Grey Market Premium is ₹10, or 17% over the issue price.
What is the ESAF Small Finance Bank IPO price band?
₹57 to ₹60, on a face value of ₹10.
When is the allotment?
The basis of allotment is 8 November 2023, with listing on 10 November 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
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.
