Kochi, Nov 2 (IANS): ESAF Small Finance Bank Limited, a bank with focus on unbanked and under-banked customer segments, especially in rural and semi-urban centres is coming out with its maiden Initial Public Offering (IPO) and has fixed the price band at Rs 57 to Rs 60 per equity share.

The IPO will open on Friday for subscription and close on Tuesday. Investors can bid for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.

The Public Issue of face value of Rs 10 per equity share comprises of fresh issuance of equity shares worth Rs 390.70 crore and an Offer for Sale (OFS) of up to Rs 72.30 crore aggregating to Rs 463 crore.

The Bank proposes to utilise the proceeds of the fresh issue to augment its Tier 1 capital base.

ESAF has a network of 700 banking outlets (including 59 business correspondent-operated banking outlets), 767 customer service centres (operated by its business correspondents), 22 business correspondents, 2,116 banking agents, 525 business facilitators, and 559 ATMs spread across 21 states and two union territories, serving 7.15 million customers.

As of June 30 this year 62.97 per cent of their gross advances were directed toward customers in rural and semi-urban areas, and 71.71 per cent of their banking outlets were located in these regions.

The bank has 72 per cent branches present in rural and semi-urban regions as of June 30. ICICI Securities Limited, DAM Capital Advisors Limited, and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) are the book-running lead managers.