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RBL IPO opens on Friday

RBL Bank Ltd, draft red herring prospectus ,DRHP, SEBI ,Securities and Exchange Board of India)

New Delhi: After an 11-year wait, private sector lender RBL (erstwhile Ratnakar Bank) will hit the primary market with an initial public offering (IPO) on Friday.

The IPO, the first banking issue since Yes Bank in 2005, will raise up to Rs 1,216 crore by selling 5.4 crore shares at the upper end of the Rs 224-225 price band.

The IPO consists of a fresh issue of shares, amounting up to Rs 832.50 crore, other than an offer for sale (OFS) of up to 1.69 crore shares by a couple of existing shareholders.

The lender, which made a pre-IPO placement of 25 crore equity shares to anchor investors at a price of Rs 195 apiece way back on December 16, 2015, saw a delay in the issue after market regulator Sebi issued a show-cause notice on the bank's disclosures in the draft red herring prospectus.

Including both primary and secondary sales, the bank would cut 15 per cent stake, valuing the lender at about Rs 8,100 odd crore. At the upper end of price band, the bank is priced at 1.75 times FY18E book value and 13.8 times FY18E EPS, experts said.


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