Kolkata based private lender Bandhan Bank has gained 27 per cent premium on in its debut trade and became the eighth most valued bank, overtaking other banks namely Bank of Baroda and Punjab National Bank post its Rs 4,470 crore Initial Public Offer (IPO).
Bank of Baroda and the Punjab National Bank are the second and the third largest public sector banks of India.
The listings witnessed yesterday were the best since Amber Enterprises India Ltd’s debut reported on January 30. In bank’s category, it is the best listing since RBL Bank Ltd’s debut in the stock market during August 2016.
Bandhan Bank shares closed at 27.3 per cent higher at Rs 477.20 as compared to its issue price of Rs 375.
The bank is one of the two entities to get the universal banking license in 2015. It is also the only microfinance institution to appear in that category. Bandhan Bank focus areas include retail, medium and small enterprise (MSME) loans. It primarily emphasises on banking the unbanked sections of the society.