Jana Small Finance Bank IPO
Jana Small Finance Bank IPO — date, price band, lot size & details 2024
Jana Small Finance Bank listed on 14 Feb 2024 at ₹396, 4.3% below the ₹414 issue price.
Jana Small Finance Bank is the fourth largest small finance bank in India by deposits, offering MSME, housing, gold and microfinance loans. Its total income was Rs 3,699.88 crore in FY2023.
Stock price
Jana 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 07 Feb 2024
- Close 09 Feb 2024
- Allotment 12 Feb 2024
- Refund/credit 13 Feb 2024
- Listing 14 Feb 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 9 Feb, 2024 |
|---|---|
| Price Band | ₹393 – ₹414 |
| Face Value | ₹10 |
| Lot Size | 36 Shares |
| Issue Size | ₹570 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,904 |
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 36 shares at the ₹414 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 36 | ₹14,904 |
| Retail (max) | 13 | 468 | ₹1,93,752 |
| S-HNI (min) | 14 | 504 | ₹2,08,656 |
| S-HNI (max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (min) | 68 | 2,448 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 17.47 crore in FY2022 to Rs 255.97 crore in FY2023.
- 02Profit after tax was Rs 213.22 crore in the six months to 30 September 2023.
- 03It is the 4th largest SFB in India by deposits.
- 04Rs 462.00 crore of the issue was fresh capital for Tier-1 capital.
- 05Net worth grew from Rs 1,100.77 crore on 31 March 2021 to Rs 2,547.11 crore on 30 September 2023.
Risks · 5
- 01Promoter entities held only 25.23% before the issue and 22.52% after it.
- 02Profit fell from Rs 72.26 crore in FY2021 to Rs 17.47 crore in FY2022, so earnings have been volatile.
- 03Total borrowing was Rs 5,313.54 crore on 30 September 2023, and the source puts debt to equity at 3.49.
- 04Unsecured micro loans are sensitive to local shocks and collection stress. The pre-issue P/E was 15.11 at Rs 414.
- 05Rs 108.00 crore of the issue was offer for sale by investors.
Three years of numbers
All figures in ₹ crore, as reported in the Jana Small Finance Bank offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 28,105.87 | 25,643.69 | 20,188.71 | 19,078.66 |
| Total Income | 2,215.57 | 3,699.88 | 3,062.37 | 2,720.74 |
| Profit After Tax | 213.22 | 255.97 | 17.47 | 72.26 |
| NET Worth | 2,547.11 | 1,777.07 | 1,184.56 | 1,100.77 |
| Reserves and Surplus | 2,225.44 | 1,472.28 | 999.29 | 914.09 |
| Total Borrowing | 5,313.54 | 6,277.46 | 4,509.83 | 4,815.32 |
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 Jana Small Finance Bank RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Jana 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 |
|---|---|---|
| EPS (₹) | ₹27.40 | ₹40.77 |
| P/E Ratio (x) | 15.11 | 10.15 |
| Market Cap at Offer Price (₹ Cr) | ₹3,221.65 | ₹2,165.15 |
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 ₹414 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
₹426.48 Cr of the issue is earmarked to named objects.
About the company
Its loans include MSME loans, affordable housing loans, term loans to NBFCs, loans against fixed deposits, two-wheeler loans and gold loans. It also offers unsecured individual and micro business loans, agricultural loans and group loans.
It offers digital products such as mobile and internet banking for retail and corporate clients. Its promoter entities are Jana Capital Limited and Jana Holdings Limited.
The IPO was Rs 570 crore, with Rs 462.00 crore of fresh issue and Rs 108.00 crore of offer for sale by investors. Rs 426.48 crore was planned to augment the bank's Tier-1 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.
Jana 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.
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
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 Jana Small Finance Bank?
The current Grey Market Premium is ₹30, or 7% over the issue price.
What is the Jana Small Finance Bank IPO price band?
₹393 to ₹414, on a face value of ₹10.
When is the allotment?
The basis of allotment is 12 February 2024, with listing on 14 February 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies 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.
