GIC-Backed Bandhan Bank’s Indian IPO to Raise Up to $689 Million

Friday, March 9, 2018

By Crystal Tse and Anto Anthony

Bandhan Bank Ltd., the first Indian microfinance lender to get a banking permit, has set the price range for its initial public offering, which could raise as much as 44.73 billion rupees ($689 million).

The lender, which is backed by Singapore sovereign fund GIC Pte, is offering shares at 370 rupees to 375 rupees apiece, according to terms for the deal obtained by Bloomberg. Pricing the offering at the top of the range would value the lender at 447.3 billion rupees. Bidding for the shares will open on March 15 and close four days later, the terms show.

Photo courtesy of Josh Twohig.

Source: Bloomberg Markets (link opens in a new window)