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India's Equitas Small Finance Bank files for IPO

Equitas Small Finance Bank Ltd. on Dec. 16 filed a draft red herring prospectus with India's securities regulator for its proposed IPO.

The IPO consists of up to 5.50 billion rupees worth of fresh equity shares and an offer for sale of up to 80 million shares by the bank's parent Equitas Holdings Ltd., according to the prospectus filed with the Securities and Exchange Board of India.

The small finance bank plans to use net proceeds from the IPO to strengthen its Tier 1 capital base.

JM Financial Ltd., Edelweiss Financial Services Ltd. and IIFL Securities Ltd. are serving as book-running lead managers for the IPO.

Collectively, the IPO size is expected to be about 10 billion rupees, Mint reported, citing two people aware of the development.

As of Dec. 16, US$1 was equivalent to 70.91 Indian rupees.