ESAF Small Finance Bank Limited | Globe Capital Market LTD.
ESAF Small Finance Bank Limited
Price Band
₹57 to ₹60 per share
IPO Issue Period
Nov 3, 2023 to Nov 7, 2023
Issue Size
₹463.00 Cr
Face value
₹10 per share
Fresh issue
₹390.70 Cr
Offer for sale
₹72.30 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Nov 16, 2023

ICICI Securities Limited
Dam Capital Advisors Ltd
Nuvama Wealth Management Limited

ESAF Small Finance Bank IPO is a book built issue of Rs 463.00 crores. The issue is a combination of fresh issue of 6.51 crore shares aggregating to Rs 390.70 crores and offer for sale of 1.2 crore shares aggregating to Rs 72.30 crores.

ESAF Small Finance Bank IPO opens for subscription on November 3, 2023 and closes on November 7, 2023. The allotment for the ESAF Small Finance Bank IPO is expected to be finalized on Friday, November 10, 2023. ESAF Small Finance Bank IPO will list on BSE, NSE with tentative listing date fixed as Thursday, November 16, 2023.


ESAF Small Finance Bank IPO price band is set at ₹57 to ₹60 per share. The minimum lot size for an application is 250 Shares. The minimum amount of investment required by retail investors is ₹15,000. The minimum lot size investment for sNII is 14 lots (3,500 shares), amounting to ₹210,000, and for bNII, it is 67 lots (16,750 shares), amounting to ₹1,005,000.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 3,141.57 2,147.51 1,768.42
Profit After Tax 302.33 54.73 105.4
EPS 6.73 1.22 2.46
OPM (%)
PATM (%) 9.6% 2.5% 6.0%


  • Its understanding of the micro loan segment, which has enabled it to grow its business outside of Kerala, its home state;
  • Main focus on its rural and semi-urban banking franchise;
  • Growing Retail Deposits portfolio;
  • Customer connections driven by its customer-centric products and processes and other non-financial services for Micro Loan customers;
  • Technology-driven model with a digital technology platform; and
  • Experienced Board, Key Managerial Personnel and Senior Management Personnel

The Net Proceeds are proposed to be utilized towards augmentation of the Bank’s Tier-I capital base to meet the Bank’s future capital requirements which are expected to arise out of growth in the Bank’s assets, primarily the Bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.

  • The Bank expects to receive the benefits of listing the Equity Shares on the Stock Exchanges.

ESFBL has posted growth in its top and bottom lines and continues to enjoy its south centric fancy. Based on annualized FY24 earnings, the issue appears attractively priced. Investors may consider parking of funds for the medium to long-term rewards.

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