Bandhan Bank, which recently launched its IPO seems to have taken the market by storm, with the debutant player in the market seeing prices of its shares soar following their listing on the National Stock Exchange (NSE).
While then IPO was priced at Rs.375 per share, market trading saw prices jump as high as Rs.499, an impressive 33 per cent hike.
Shares of the bank were trading at Rs.474.65 at the time of writing this article, an increase of 26.57 per cent.
The lowest recorded price was Rs.455, an increase of Rs.80 in the listed rate.
With the Indian banking industry plagued with a number of issues, the performance of Bandhan Bank brings a ray of hope. Shares of other banks have seen a dip over the last few weeks, with a number of new frauds coming to the fore.
The IPO of the bank was subscribed around 15 times, with bids received for over 122 crore shares. 9.7 crore shares were on offer to the public in the IPO, with the bank raising a total of $691 million through it.
Following its debut on the market, the bank saw its market value go up to Rs.57,308 crore. It had valued itself at Rs.44,730.18 crore during the IPO.
Bandhan Bank, which is the first microfinance lender from India to get a universal banking license offers a range of products to customers. Its Microloans have gained popularity among the masses, with the bank aiming to ensure finance isn’t hard to come by for people from economically backward segments.
The bank currently has over 860 branches spread across the country, with a strong presence in Assam, Bihar, and West Bengal.
Read more: Bandhan Bank to focus on offering Gold Loan
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