Pre-IPO investment opportunity exists in unlisted shares of RBL Bank. The private sector lender RBL Bank (formerly Ratnakar Bank) in June 2015 has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise Rs 1,100 crore by issue of fresh shares through an initial public offering (IPO). The share sale will make RBL the 41st publicly traded bank in India.
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The Kolhapur-headquartered bank last year raised Rs 500 crore from CDC, ADB, family offices and long-only funds such as DVI Fund (Mauritius) Ltd and Rimco (Mauritius) Ltd, valuing the bank at Rs 6,500 crore. The investors paid Rs 190-200 per share, higher than the Rs 125 apiece paid by investors in the last fundraising round in 2014.
The deal sets the stage for India’s first bank IPO (initial public offering) in a decade and the premium paid by investors reflects the pent-up demand for private sector financial services firms in a market where retail demand is booming while industrial credit is languishing.
Though RBL is an old private sector bank established in 1943, it has accelerated its growth under a new management, led by managing director and chief executive officer Vishwavir Ahuja since 2010. In the last three years, the bank has shed its regional image, opened branches and attracted new investors.
For the financial year ended March 31, 2015, RBL’s net profit stood at Rs 2,071.75 crore compared with Rs 926.70 crore in the previous fiscal.