Jana Small Finance Bank refiles IPO application with SEBI for Rs 575 cr issue Jana Small Finance Bank, an Indian lender, has resubmitted its application for an initial public offering, two years after it withdrew its previous plan due to the pandemic. Local market regulations require the bank to go public this year. The IPO comprises a fresh issue of shares worth up to Rs 575 crore and an offer for sale of up to 4.1 million shares, as stated in the draft herring prospectus. Axis Capital, ICICI Securities, and SBI Capital Markets will serve as the book running lead managers for the Bengaluru-based bank’s IPO. Jana Small Finance Bank began operating as a small finance bank in March 2018 and filed for an IPO in April 2021, which had to be postponed due to the pandemic. The Reserve Bank of India mandates that all small finance banks must list within five years of commencing operations. Regarding asset quality, as of March 31, the bank’s total gross non-performing assets (NPA) stood at 7.09 billion rupees, a decrease from Rs 757 crore the previous year, with an NPA ratio of 3.9%, the highest among peers like AU Small Finance Bank, Equitas Small Finance Bank, and Ujjivan Small Finance Bank. The bank’s gross NPA ratio was 6.7% as of March 31, 2021. In 2021, the bank’s issue comprised fresh issuance of equity shares worth Rs 700 crore and an offer for sale of up to 92,53,659 shares by existing shareholders, the draft red herring prospectus (DRHP) filed with Sebi showed. The IPO was expected to fetch Rs 1,100 crore. (With agency inputs.)
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Logistics, good or bad, are driven by the states and the commerce ministry has a LEADS (Logistics Ease Across Different States) report, based on perceptions. The 2023 version was released in December. Since states are heterogenous, in the reporting, they are divided into four groups—coastal, landlocked, north-east, and UTs. States that do well are called achievers. Nomenclature matters. Thus, states that are middling aren’t called average. They are called fast movers. States that are sub-par are called aspirers. Let me highlight coastal states, since 75% of export cargo is estimated to originate from them. Among coastal states, ones that do well are Andhra Pradesh, Gujarat, Karnataka, and Tamil Nadu. The ones that lag are Goa, Odisha, and West Bengal. While India’s logistics performance may have improved over time, that’s not true of every state. Some have slipped. Most states have a state-level logistics policy, including Goa and Odisha. West Bengal, bottom of the pecking order in the coastal category, doesn’t have one. To quote from LEADS 2023, “Looking ahead, the State (West Bengal) could benefit from formulating a State Logistics Master Plan and State Logistics Policy to drive efficiency improvements and facilitate investments within the logistics sector and undertake consultation with the logistics stakeholders for educating and informing them about the initiatives State is undertaking for the development and improvement of logistics sector.”
Logistics has been talked about for a long time and India has also focused on improving performance. We are now getting some precise data on measurement and quantification. That helps.
Bibek Debroy, chairman, EAC-PM. Views are personal.
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