Indian two thousand rupee banknotes are arranged for a photograph in Mumbai (Photographer: Dhiraj Singh/Bloomberg)

Bandhan Bank Picks Lead Bankers For IPO

Bandhan Bank, the first Indian microfinance lender to get a banking permit, selected five lead managers for its initial public offering.

Goldman Sachs, JPMorgan Chase, Axis Bank Ltd., JM Financial Ltd. and Kotak Mahindra Bank Ltd., were appointed as the lead managers for the proposed issue, the lender said in an emailed statement. The size of the share sale and its timing have not been finalised yet, the statement added.

The Kolkata-based lender is aiming to raise at least Rs 5,000 crore through its IPO, Bloomberg reported earlier in the day, citing sources who asked not to be identified. Bandhan Bank aims to sell shares in 2018 where it will offer 10 percent stake to investors, the sources had told Bloomberg.

Bandhan Bank has 841 branches and over 11 million customers, the statement added. It is backed by Singapore's sovereign fund GIC Pte while its investors also include the World Bank’s International Finance Corp. It has a loan book of about Rs 21,900 crore, according to its website. It was started as a microfinance company in 2001 and converted to a universal bank in 2015.

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