With a strong listing on the bourses on Tuesday (March 27), Bandhan Bank is now among India's 10 most valuable banks with a market cap of Rs 55,596.64 crore.
Bandhan Bank has been listed as the 8th most valued bank surpassing it are HDFC Bank, State Bank of India (SBI), Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, Yes Bank in the top seven positions.
Kolkata based Bandhan Bank on Tuesday made a bumper debut on the stock market with the shares rising more than 27 percent on the first day of listing. Nomura India Investment Fund Mother Fund bought 83.34 lakh shares of Bandhan Bank at Rs 478.76 each on the NSE (National Stock Exchange).
On BSE (Bombay Stock Exchange), the shares opened at Rs 485, higher than the issue price of Rs 375. The share value touched a high of Rs 498.40 during the day and closed at Rs 477.20, up 27.25 percent compared to the issue price.
The Rs 4,473-crore initial public offering (IPO) of Bandhan Bank opened on March 15 and closed on 17 was oversubscribed 14.6 times. The lender intends to use issue proceeds for raising capital base and part exit of one of its existing shareholders IFC- World Bank's investment arm.
Listing of Bandhan Bank was the best listing of a bank on bourses since RBL Bank Ltd, which debuted on the stock market in August 2016.
Bandhan Bank focuses on under-banked and under-penetrated regions in eastern India and has a strong network in states like West Bengal, Assam, and Bihar. In 2009, Bandhan was registered as a non-banking financial company providing select banking services.
In April 2014, RBI has given the approval to start a bank. Bandhan Bank received the universal banking license in 2015 and it is the first micro-finance entity in India transformed into a universal bank.
