The IPO offering by RBL Bank kicked off on 19th August 2016, Friday, with the issue receiving bids for almost 9 per cent of the issue size within one hour of trade on the first day.
As per the data available with both the exchanges (BSE and NSE), the investors bade for 35.33 lakhs shares against the total issue size of 3.79 crores shares. The IPO has received a good response from retail individual investors (RIIs), who opted for 18 per cent of the quota limit in the initial hour. The issue will be closed on 23rd August 2016, next Tuesday.
Earlier on Thursday the bank had fetched Rs 364 crores by issuing shares to 28 anchor investors at the upper price band of Rs 225.00. Mutual funds applied for 63 lakhs equity shares, which was 39.02 per cent of the total anchor portion, said the Bank in a statement.
Market experts are of opinion that the bank has stayed away from stressed sectors such as steel, power as well as infrastructure, which has helped it to maintain its asset quality at better levels compared to its peers.
This is despite 60 per cent of its loan exposure to corporates and MSMEs. The gross NPAs of the Bank stand at 1 per cent of loans, while restructured book is very small and stands at 0.1 per cent of loans.
The Net interest income (NII) of the lender moved up to Rs 819.21 crores in FY16 from Rs 186.79 crores in the Financial Year 2012, which represents a CAGR of 44.71 per cent in a period of four years. Between FY12 and FY16, the bank’s loan book, net interest income (NII) and net profit grew at a compounded annual growth rate of 40 to 50 per cent. The lender was able to sustain the growth momentum in FY16 as well.
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