JM Financial Acted as Book Running Lead Manager to the Bandhan Bank IPO

JM Financial Institutional Securities Ltd. (JM Financial) successfully concluded the Rs. 4,473 crore Initial Public Offering (IPO) for Bandhan Bank Limited on March 19, 2018.

JM Financial acted as the 'Book Running Lead Manager' (BRLM) to the IPO.

The IPO of Bandhan Bank Limited is the largest ever IPO by an Indian bank. Our deep understanding of the company helped to appropriately position the company, despite its rich valuations vis-à-vis other banks resulting in the issue receiving overwhelming demand, despite the volatile market conditions.

JM Financial played a vital role in designing a targeted marketing strategy, guiding the management on deal contours, timing of the deal and investor allocation. JM captured early demand from marquee investors including long only funds, domestic mutual funds and insurance companies.

The deal received a stupendous response in all categories – QIB portion ~38.7x; HNI portion ~13.9x; Retail portion ~1.2x.

The IPO listed at a premium of c. 30.0%. The stock closed at 476.85 on NSE on the first day of its listing, a premium of 27.2% to the issue offer price. As of the listing day, Bandhan Bank is the eighth largest bank in India in terms of market capitalisation.

This response is encouraging given the uncertain market conditions and muted markets over the last few weeks.

This IPO further extends JM Financial's strong distribution in the equity capital markets.

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