India’s Bandhan Bank surging 33 percent against the issue price of Rs 375 on the first day of its debut. At the end of the day, the stock listed at Rs 477 on BSE and 476 on NSE.
The stock has a sharp gain of 29.33 and 33 percent from the issue price on BSE & NSE.
The fixed price of the company share was Rs 370 to 375 during the listing. The issue opened on March 15 and continued till March 19.
Goldman Sachs (India) Securities, JM Financial and JP Morgan India, Kotak Mahindra Capital Company and others managed the issue.
The bank proposed to raise Rs 4500 crore from the IPO. The network of the bank has grown to 864 bank branches and 386 ATMs until 30th September 2017.
Bandhan bank has a strong market hold on microfinance, having customers base of 9.47 million.
After migrating from only micro-financing activity, the bank now adopted a unique model of entering normal banking services after getting the in-principle license from the RBI.
The Indian bank network having a stronghold in east and northeast side of India including West Bengal, Assam, and Bihar.
These states together accounting for 57.75 and 58.13 percent of Bandhan bank branches and doorstep services respectively.