RBL Bank to start IPO process in the next 2-3 months

(Disclosure:I am market making in RBL Bank)

RBL Bank, formerly known as Ratnakar Bank, today said it plans to raise a minimum Rs 500 crore through an initial public offer in the fourth quarter of current financial year. 
“We will start the basic process for IPO in the next 2-3 months … we hope to hit the market in the early part of the next year,” RBL Bank Managing Director Vishwavir Ahuja told PTI.

“The quantum of offer is not finalised yet but we plan to raise minimum Rs 500 crore or 10 per cent of stake dilution,” he said.

The bank has build scale and size so that bank get right valuation for its shares, he added.

The bank currently services more than 5 lakh customers and has a total business size of over Rs 21,000 crore. It got capital support of about Rs 1,500 crore from global and domestic investors in the last three years.

Last month, the bank raised Rs 328 crore from a group of global investors, including CDC Group and Asia Capital and Advisors.-from ET