Jana Small Finance Bank IPO
Jana Small Finance Bank Limited (JSFB) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 14 February 2024.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +4.5% (likely range -6% to +34%), day's high +12.9%, chance of a gain 50%. Actual: -4.3% at the open, -1.2% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 27,62,350 | 10,70,31,060 | 38.7x | |
| NII (HNI) total | 21,03,127 | 5,26,91,004 | 25.1x | |
| Big NII (above ₹10 lakh) | 14,02,084 | 3,86,18,172 | 27.5x | |
| Small NII (₹2-10 lakh) | 7,01,043 | 1,40,72,832 | 20.1x | |
| Retail | 49,07,296 | 2,68,04,304 | 5.46x | |
| Employees | 3,43,511 | 6,70,572 | 1.95x | |
| Total | 1,01,16,284 | 18,71,96,940 | 18.5x |
Bids on NSE and BSE together, as published by NSE, as of 09 Feb 2024, 07:00 PM. Shares offered exclude the anchor portion. 13% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Jana Small Finance Bank's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| EPACK DurableJan 2024 | 25.5x | 28.1x | 6.29x | 16.4x | ₹652 Cr | -3.9% | -2.4% |
| Home First Finance Company IndiaJan 2021 | 52.5x | 39.0x | 6.59x | 26.7x | ₹1,156 Cr | +19.5% | +23.6% |
| Uniparts IndiaDec 2022 | 67.1x | 17.9x | 4.63x | 25.3x | ₹836 Cr | -0.3% | 0.0% |
| Suraj Estate DevelopersDec 2023 | 24.3x | 18.9x | 9.30x | 15.6x | ₹424 Cr | -5.6% | -1.5% |
| Medi Assist Healthcare ServicesJan 2024 | 40.1x | 14.9x | 3.19x | 16.2x | ₹1,172 Cr | +10.1% | +23.9% |
| IRM ENERGY LIMITEDOct 2023 | 44.7x | 48.3x | 9.29x | 27.1x | ₹545 Cr | -5.5% | -4.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| ICICI Securities | 109 | +21.3% | 69% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Jana Small Finance Bank IPO price band and lot size? ₹393–414 per share, with a lot of 36 shares, so the smallest retail bid is ₹14,904.
How many times has it been subscribed? 18.5x overall: QIB 38.7x, NII 25.1x, retail 5.46x, employees 1.95x.
How did it list? It opened at ₹396, -4.3% against the issue price of ₹414, and closed its first day -11.1%.
