Bandhan Bank Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India for its planned IPO, The Hindu Business Line reported Jan. 1.
The lender is looking to issue up to 119,280,494 shares through the IPO, which will comprise of a fresh issue of up to 97,663,910 new shares and the sale of up to 14,050,780 shares by International Finance Corp. and up to 7,565,804 shares by IFC FIG Investment Co., according to the draft red herring prospectus.
The offering is expected to fetch more than 40 billion rupees, the publication reported, citing "merchant banking sources."
The timing for the IPO will be decided when Bandhan Bank receives regulatory approval for the offering and will be subject to prevailing market conditions, said C.S. Ghosh, managing director and CEO of the bank.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, JM Financial Institutional Securities and JPMorgan India are the book-running lead managers for the IPO.
As of Jan. 1, US$1 was equivalent to 63.84 Indian rupees.
