Capital Small Finance Bank Limited | Globe Capital Market LTD.
Capital Small Finance Bank Limited
Price Band
₹445 to ₹468
IPO Issue Period
Feb 7, 2024 to Feb 9, 2024
Issue Size
₹523.07 Cr
Face value
Fresh issue
450.00 Cr
Offer for sale
₹73.07 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Feb 14, 2024

Nuvama Wealth Management Limited
Dam Capital Advisors Ltd
Equirus Capital Private Limited

Incorporated in 1999, Capital Small Finance Bank Limited is a a small finance bank. In 2015, Capital SFB became the first non-NBFC microfinance entity to receive the SFB license. The company has a strong presence in semi-urban and rural areas with a branch-based operating model.

Capital Small Finance Bank targets middle-income customer segments with an annual income of ₹0.4-5 million. They aim to be the primary banker for these customers through a mix of product offerings, customer service, physical branches, and digital channels.

Capital Small Finance Bank is headquartered in Jalandhar, Punjab and has strategically expanded its SFB operations in northern states of India such as Punjab, Haryana, Rajasthan, Delhi, Himachal Pradesh and UT Chandigarh.

As of June 30, 2023, Capital Small Finance Bank had a presence in five states and one union territory, with a total of 172 branches and 174 ATMs. The bank’s branches were predominantly located in rural and semi-urban areas, covering 24 districts, and serving approximately 75.90% of the total customers, both in terms of credit and deposits. This suggests that the bank has a well-defined niche catering to the middle-income group, with a special emphasis on rural and semi-urban areas.

As of March 31 and June 30, 2023, respectively, 99.82% and 99.84% of the bank’s loan book was secured, with 85.16% and 84.66% of loans secured by immovable properties.

The average ticket size of Capital Small Finance Bank’s agriculture, MSME and trading, and mortgage lending products as of March 31, 2023, were ₹ 1.23 million, ₹ 1.82 million, and ₹ 1.16 million respectively.

As of June 30th, 2023, Capital Small Finance Bank has a total of 1827 employees working for the organization.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 725.48 632.40 557.27
Profit After Tax 93.60 62.57 40.78
EPS 27.35 18.41 12.04
OPM (%)
PATM (%)


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Capital Small Finance Bank Ltd. *2104 468 2.62  17.11 725.48 93.6
Equitas Small Finance Bank Ltd. 11,838 105 2.08 15.15 5,994.39 781.38
Ujjivan Small Finance Bank Ltd. 10,890 56 2.26 8.63 6,063.16 1,261.37
Utkarsh Small Finance Bank Ltd. 6,510 59 2.32 16.09 2,804.29 404.5


*Market cap @upper band of Rs./-

  • Retail Focused Liability Franchise with High Share of CASA;•Secured and diversified advances portfolio;
  • Streamlined credit assessment processes and risk management practices;
  • Customer centric approach and understanding of target customers;
  • Consistent track record of growth with constantly improving operational and profitability metrics;
  • Professional and experienced leadership team; and
  • From Fiscal 2021 to 2023, our operating profit and profit after tax grew at a CAGR of 44.23% and 51.49%, respectively

The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting our Bank’s Tier-I capital base to meet the Bank’s future capital requirements. Further, the proceeds from the Fresh Issue will also be used towards meeting the expenses in relation to the Offer. The Bank expects to receive the benefits of listing the Equity Shares on the Stock Exchanges.

At the upper band of Rs 468, the stock is trading at P/BV multiple of 2.62 times. Investors may park funds for the medium to long term rewards.

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