Bandhan Bank appoints lead managers for proposed IPO

Bandhan Bank appoints lead managers for proposed IPO

Bandhan Bank on Tuesday said it has appointed five lead managers, including Goldman Sachs Group and JPMorgan Chase, to manage its proposed initial public offer (IPO).

“The bank’s board has decided to appoint Goldman Sachs Group Inc., JPMorgan Chase and Co, Axis Bank, JM Financial, and Kotak Mahindra Bank as lead managers to manage its proposed IPO. Kotak Mahindra Bank will act as the left lead in the issue,” a bank statement said.

The private lender said the size of the share sale, its timing, and all other related aspects have not been finalised.

The final decision on the proposed IPO would be subject to all regulatory approvals.

The city-based lender completed two years as a universal bank and as per the Reserve Bank of India’s guidelines, it has to go for an IPO in next year.

Lender’s Managing Director and CEO Chandra Shekhar Ghosh, had said the bank would need to go for IPO within three years of starting the banking operations to comply with the RBI guidelines.

“I will not defer the launch of IPO, but timing of its launch will depend on the market conditions,” he told reporters in August at an event to celebrate the bank’s second foundation day.

The Bank reported a net profit growth of over 35 per cent year-on-year at Rs 327 crore for the first quarter ended June 30 compared with Rs 242 crore for the corresponding period a year ago.

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