About the Company:
Suryoday Small Finance bank Ltd is among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020.
Company has over a decade been serving customers in the unbanked and underbanked segments in India and promoting financial inclusion.
Company has operations across 13 states and union territories, as of December 31, 2020.
Company has arrangements with various payment banks in India and have been able to leverage our relationship with such payment banks to grow our deposit base.
Company’s distribution network also comprises ATMs, phone banking, mobile banking, tablet banking, unified payment interface, CSPs, and internet banking services.
Company’s operations are predominantly in urban and semi-urban locations due to greater income earning capabilities and employment opportunities in such areas compared with rural regions.
As of December 31, 2020, company’s customer base was 1.44 million and employee base comprised 4,770 employees.
As of December 31, 2020, company operated 554 Banking Outlets across 13 states and union territories
Company provides following type of Loans:
- Commercial vehicle loans.
- Affordable housing loans.
- Micro business loans.
- Unsecured micro and small enterprise loans.
- small and medium enterprise loans.
- Secured business loans.
- Financial intermediary group loans and other loans.
Other Banking Services.
Company also offer other banking facilities, products and services to generate non-interest income and cater towards the additional needs of our customers.
These facilities, products and services include debit cards, internet banking, mobile banking, online bill payment services and the distribution of third-party life and general insurance products and mutual fund products.
Current Accounts,Savings Accounts, Term Deposits Details:
- As of December 31, 2020, company had 5,599 current accounts.
- As of December 31, 2020, company had 334,989 savings accounts.
- As of December 31, 2020, company had 75,018 term deposit accounts.
Overview Small Finance Banks in India:
Company’s Gross Loan Portfolio:
Suryoday Small Finance bank’s Gross Loan Portfolio has grown at a CAGR of 46.98% from Rs.1717.7 crores as of March 31, 2018 to Rs.3710.8 crores as of March 31, 2020 and was Rs.3908.2 crores as of December 31, 2020.
- Company’s deposits have grown at a CAGR of 94.95% from Rs. 749.5 crores as of March 31, 2018 to Rs.2848.7 crores as of March 31, 2020 and was Rs.3343.8 crores as of December 31, 2020.
- As of December 31, 2020, retail deposits comprised 72.40% of total deposits.
Company’s Operations and Financial performance metrics:
Bank’s Gross Loan Portfolio:
- Mr. Baskar Babu Ramachandran (Designation: Managing Director and Chief Executive Officer)
- Mr. Ramachandran Rajaraman (Designation: Part-time Chairperson and Independent Director)
Objectives of the Issue:
Offer for Sale: (Rs. 333.7 cr)
- Each of the Selling Shareholders will be entitled to its respective portion of the proceeds from the Offer for Sale in proportion to the Equity Shares sold by such Selling Shareholder as part of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.
Fresh Issue: (Rs. 248.5 cr)
- The Net Proceeds are proposed to be utilised towards augmentation of Bank’s Tier-I capital base to meet Bank’s future capital requirements such as organic growth and expansion and to comply with regulatory requirements for enhanced capital base, as may be prescribed in the future.
Financials of the Company:
|(in Crores)||FY 18||FY 19||FY 20||31st Dec 20|
Valuation of Peer Group Companies:
|Company Name||Face Value||EPS||PE Ratio||RoNW||NAV|
|Suryoday Small Finance Bank Ltd||10||13.30||22.93||10.43%||133.54|
|Ujjivan Small Finance Bank Ltd||10||2.19||16.16||14.79%||18.32|
|Credit Access Grameen Ltd||10||23.00||31.11||12.27%||189.90|
|Spandana Sphoorty Financial Ltd||10||55.74||12.14||13.40%||408.29|
|Bandhan Bank Ltd||10||18.76||17.97||41.08%||94.37|
|AU Small Finance Bank Ltd||10||22.32||48.34||51.95%||142.20|
|Issue Opens on||17th March 2021|
|Issue Closes on:.||19th March 2021|
|Issue Price||Rs.303 – 305|
|Retail Category Allocation||35%|
|Minimum Lot||49 Shares|
|Issue Size||Rs.582.3 cr ($78 million)|
|Market Cap||Rs.3236 cr ($437 million)|
|Listing at||NSE & BSE|
|Equity Shares Offered (Fresh)||81,50,000|
|Equity Shares Offered (OFS)||1,09,43,070|
|Total Equity Shares Offered (Fresh + OFS)||1,90,93,070|
|Equity Shares Prior to the Issue||9,79,80,826|
|Equity Shares after the issue||10,61,30,826|
Also Read : List of Upcoming IPO’s in India.
|Finalization of Basis of Allotment||on or Before 24th March 2021|
|Initiation of Refunds||on or Before 24th March 2021|
|Credit of Equity Shares:||on or Before 25th March 2021|
|Listing Date:||on or Before 30th March 2021|
Subscription Details: (will be updated)
|(Subscription-Category-Wise (no. of times) Till time : 05:00 PM)||Shares Offered||17th March||18th March||19th March|
IPO Valuation Parameters:
|Earnings Per Share (EPS)||Price To Earnings ratio (PE)||Return on Net Worth (RoNW)||Net Asset Value (NAV)|
|Check IPO Allotment Status:|
KfinTech Website: http://kfintech/IPO/Allotment_Status
BSE IPO Website: https://www.bseindia.com/IPO/Allotment
|Company Contact Info:|
|Suryoday Small Finance Bank Limited
Unit No.1101, Sharda Terraces
Plot No. 65, Sector 11, CBD Belapur
Navi Mumbai 400 614
Tel: +91 22 4043 5800;
|IPO Registrar Info:|
|Kfin Technologies Private Limited
Selenium, Tower B, Plot No. – 31 and 32 Financial District
Hyderabad, Rangareddi 500 032
Tel: +91 40 6716 2222