The scrip was listed at Rs 71.90, exhibiting a premium of 19.83% to the issue price.

So far, the stock has hit a high of 74.70 and a low of 69.01. On the BSE, over 38.10lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of ESAF Small Finance Bank was subscribed 73.15 times. The issue opened for bidding on 3 October 2023 and it closed on 7 November 2023. The price band of the IPO was fixed at Rs 57-60 per share.

The IPO comprised fresh issue of equity shares worth upto Rs 390.7 crore and an offer for sale of upto Rs 72.3 crore.

Among the promoters, ESAF Financial Holdings proposed to raise Rs 49.26 crore in OFS. Among the selling shareholders, PNB MetLife raised Rs 12.67 crore and Bajaj Allianz Life Rs 10.37 crore. The promoter and promoter group shareholding would decline to 63.4% post IPO from 74.4% pre-IPO.

The bank proposed to utilize the net proceeds from the offer towards augmenting banks tier I capital base to meet future capital requirements.

ESAF Small Finance Bank incorporated in 2016 is a small finance bank (SFB) promoted by ESAF Financial Holdings. On the advances side, the bank offers micro loans, retail loans, MSME loans; loans to financial institutions; and agricultural loans.

The bank has a wide network of 700 banking outlets, 767 customer service centers, 22 business correspondents, 2,116 banking agents, 525 business facilitators and 559 ATMs spread across 21 states and two union territories, serving 7.15 million customers as of 30 June 2023.

The bank reported a net profit of Rs 129.96 crore and net total income of Rs 678.48 crore for the three months ended on 30 June 2023.