As per the document filed with the capital market regulatory SEBI, the company had reserved half of the issue for QIBs, up to 15% for NIIs, and remaining 35% for retail individual bidders. The company had reserved shares worth ₹12.5 crore for employees at a discount of ₹5 per share to the final issue price.

The bank intends to use capital raised from fresh issues mainly for augmenting its Tier 1 capital base to meet its future capital requirements. A part of the fund will be also used to meet general corporate purposes.

Established in 1992, ESAF is a small finance bank mainly focusing on unbanked and under-banked customer segments, especially in rural and semiurban centres with 72% branches operating in these regions. The bank offers micro, retail, MSME, and agricultural loans, as well as loans to financial institutions. It also distributes third-party life and general insurance policies and government pension products.

As of June 30, 2023, the bank had a network of 700 banking outlets (including 59 business correspondent-operated banking outlets), 767 customer service centers (operated by its business correspondents), 22 business correspondents, 2,116 banking agents, 525 business facilitators, and 559 ATMs spread across 21 states and two union territories, serving 7.15 million customers.

In the financial year 2023, ESAF SFB reported robust growth of 452.39% in its profit after tax (PAT) at ₹302.33 as compared to ₹54.73 crore in the year ago period. The revenue increased by 46.29% to ₹3,141.57 crore in FY23 from ₹2,147.51 crore in FY22. For the June quarter of FY24, the bank posted ₹129.96 crore profit, while revenue stood at ₹991.78 crore.

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ESAF Bank listing

ESAF Small Finance Bank shares list at 20% premium over IPO price