Suryoday Small Finance Bank IPO
Suryoday Small Finance Bank IPO — date, price band, lot size & details 2021
Suryoday Small Finance Bank listed on 26 Mar 2021 at ₹292, 4.3% below the ₹305 issue price.
Suryoday Small Finance Bank serves customers in the unbanked and underbanked segments, with a large microfinance book. Its total income was Rs 854.14 crore in FY2020.
Stock price
Suryoday 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 17 Mar 2021
- Close 19 Mar 2021
- Allotment 24 Mar 2021
- Refund/credit 24 Mar 2021
- Listing 26 Mar 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 17 to 19 Mar, 2021 |
|---|---|
| Price Band | ₹303 – ₹305 |
| Face Value | ₹10 |
| Lot Size | 49 Shares |
| Issue Size | ₹581.98 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 30.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,945 |
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 49 shares at the ₹305 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 49 | ₹14,945 |
| Retail (max) | 13 | 637 | ₹1,94,285 |
| S-HNI (min) | 14 | 686 | ₹2,09,230 |
| S-HNI (max) | 66 | 3,234 | ₹9,86,370 |
| B-HNI (min) | 67 | 3,283 | ₹10,01,315 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 324.93 crore in FY2018 to Rs 854.14 crore in FY2020.
- 02Profit after tax rose from Rs 11.49 crore in FY2018 to Rs 111.20 crore in FY2020.
- 03Assets grew from Rs 2,155.96 crore on 31 March 2018 to Rs 6,350.41 crore on 31 December 2020.
- 04The bank had the lowest cost-to-income ratio among small finance banks in Fiscal 2020, as per the CRISIL report in the RHP.
- 05Rs 248.42 crore of the issue was fresh capital to support future growth.
Risks · 6
- 01Profit after tax was only Rs 54.87 crore in the nine months to 31 December 2020, against Rs 111.20 crore in FY2020.
- 02The pre-issue P/E was 54.46 at the upper band of Rs 305, based on EPS of Rs 5.60.
- 03Much of the loan book is unsecured microfinance to low income women borrowers, which carries higher credit risk. It began as a microfinance lender in 2009.
- 04Rs 333.56 crore of the Rs 581.98 crore issue was offer for sale, so most of the money went to selling shareholders.
- 05Total borrowing was Rs 1,487.08 crore on 31 December 2020, in addition to deposits.
- 06Promoters held only 30.35% of the bank before the issue, as per the RHP.
Three years of numbers
All figures in ₹ crore, as reported in the Suryoday Small Finance Bank offer document.
| Metric | 31 Dec 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 6,350.41 | 5,364.52 | 3,761.20 | 2,155.96 |
| Total Income | 689.27 | 854.14 | 597.03 | 324.93 |
| Profit After Tax | 54.87 | 111.20 | 90.40 | 11.49 |
| EBITDA | 79.91 | 164.16 | 148.32 | 22.50 |
| NET Worth | 1,190.96 | 1,066.23 | 880.37 | 538.49 |
| Reserves and Surplus | 1,101.78 | 979.64 | 798.78 | 470.99 |
| Total Borrowing | 1,487.08 | 1,264.62 | 1,124.23 | 717.83 |
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 Suryoday Small Finance Bank RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Suryoday 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 (₹) | ₹5.60 | ₹5.17 |
| P/E Ratio (x) | 54.46 | 58.99 |
| Market Cap at Offer Price (₹ Cr) | ₹2,988.46 | ₹3,237.01 |
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 ₹305 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
₹247.94 Cr of the issue is earmarked to named objects.
About the company
Before becoming a bank it ran a joint liability group lending model that gave collateral-free small loans to economically active women. It has since added non-micro banking loans such as Vikas loans and shopkeeper loans to reduce its reliance on microfinance.
On 31 December 2020 it had 1.44 million customers, 4,770 employees and 554 banking outlets across 13 states and union territories. It works mostly in urban and semi-urban locations.
The IPO was Rs 581.98 crore, with Rs 248.42 crore of fresh issue and Rs 333.56 crore of offer for sale. The fresh money was meant to strengthen the bank's Tier-1 capital base.
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.
Suryoday 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%).
IIFL Capital Services Limited
116 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
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 Suryoday Small Finance Bank?
The current Grey Market Premium is ₹0.
What is the Suryoday Small Finance Bank IPO price band?
₹303 to ₹305, on a face value of ₹10.
When is the allotment?
The basis of allotment is 24 March 2021, with listing on 26 March 2021.
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.
