Jana Small Finance Bank Limited | Globe Capital Market LTD.
Jana Small Finance Bank Limited
Price Band
₹393 to ₹414
IPO Issue Period
Feb 7, 2024 to Feb 9, 2024
Issue Size
₹570.00 Cr
Face value
Fresh issue
₹462.00 Cr
Offer for sale
₹108.00 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Feb 14, 2024

Axis Capital Limited
ICICI Securities Limited
SBI Capital Markets Limited

Incorporated in July 2006, Jana Small Finance Bank Limited is a non-banking finance company primarily engaged in providing MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans and gold loans.

Jana SFB offers various unsecured loan products, including individual and micro business loans, agricultural and allied loans, and group loans.

The bank classifies loans into three categories:

(i) individual loans for home improvement/repair,

(ii) individual loans for school fees, and

(iii) individual personal loans for debt consolidation, family functions, incidental expenses, and business purposes.

The company provides digital products, services, and platforms, such as mobile and internet banking for both retail and corporate clients. Between March 31, 2021 and March 31, 2023, the bank’s gross secured advances increased from ₹50,760.00 million to ₹99,047.54 million, representing a compound annual growth rate (CAGR) of 39.69%.

As of March 31, 2023, Jana SFB had 754 banking outlets across 22 states and two union territories, including 272 in unbanked rural centers. This pan-India presence has helped the bank to reduce its concentration risk.

The bank has provided services to almost 12 million customers since 2008. As of March 31, 2023, there are 4.57 million active customers. In the last three fiscal years, the bank has added 0.91 million, 0.51 million, and 0.08 million new customers, respectively.

As of March 31, 2023, Jana SFB had a total of 18,184 permanent employees.


For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 3,699.88 3,062.37 2,720.74
Profit After Tax 255.97 17.47 72.26
EPS 42.64 3.44 14.25
OPM (%)
PATM (%)


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Jana Small Finance Bank Ltd. *4339 414 1.19 8.8 3,700 256
Equitas Small Finance Bank Ltd. 11,838 105 2.08 15.15 5,994 781
Ujjivan Small Finance Bank Ltd. 10,890 56 2.26 8.63 6,063 1,261
Utkarsh Small Finance Bank Ltd. 6,510 59 2.32 16.09 2,804 405


*Market cap @upper band of Rs.4339/-

  • Digitalised bank and majority services are available in digital form to customers
  • Integrated risk and governance framework
  • Professional and experienced management and Board
  • Customer-centric organization with more than 16 years’ experience in serving under banked and underserved customers
  • Pan-India presence with strong brand recognition
  • Fast growing Retail Deposits base and diversified deposit franchise
  • Proven execution ability

The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting the Bank’s Tier – 1 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 414, the stock is trading at P/BV multiple of 1.19 times. Investors may park funds for the medium to long term rewards.

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