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Jana Small Finance IPO
Price Band
₹393.0–414.0
Issue Size
₹570.0 Cr
Lot Size
36 shares
Min Investment
₹14,904
GMP
+₹16.0 (3.86%)
Issue Price
₹414.0
Subject to Sauda
₹400
Paid only if allotted
Jana Small Finance IPO AI Summary
- Jana Small Finance IPO is listed on BSE, NSE in the Other Bank sector.
- Price band: ₹393.0–₹414.0 per share, lot size 36 shares (min. investment ₹14,904).
- Subscription window: 07 Feb–09 Feb 2024, listing on 14 Feb 2024.
- Current GMP is +₹16.0 (3.86%), an estimated listing price of ₹430 — unofficial and can change daily.
Jana Small Finance Bank Limited is poised for growth with a diverse product offering and a strong presence across India. However, potential investors should carefully consider the recent financial performance and market conditions before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Jana Small Finance IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 09 Feb 2024 — not a current signal.
6 of 7 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Jana Small Finance IPO Grey Market Premium (GMP) Today
GMP
+₹16.0
GMP %
+3.86%
Est. Listing
₹430.0
Updated: 25 Jul 2026 14:07
About the Company
Incorporated in July 2006, Jana Small Finance Bank Limited is a non-banking finance company primarily engaged in providing MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans and gold loans. Jana SFB offers various unsecured loan products, including individual and micro business loans, agricultural and allied loans, and group loans. The bank classifies loans into three categories: (i) individual loans for home improvement/repair, (ii) individual loans for school fees, and (iii) individual personal loans for debt consolidation, family functions, incidental expenses, and business purposes. The company provides digital products, services, and platforms, such as mobile and internet banking for both retail and corporate clients. Between March 31, 2021 and March 31, 2023, the bank's gross secured advances increased from ₹50,760.00 million to ₹99,047.54 million, representing a compound annual growth rate (CAGR) of 39.69%. As of March 31, 2023, Jana SFB had 754 banking outlets across 22 states and two union territories, including 272 in unbanked rural centers. This pan-India presence has helped the bank to reduce its concentration risk. The bank has provided services to almost 12 million customers since 2008. As of March 31, 2023, there are 4.57 million active customers. In the last three fiscal years, the bank has added 0.91 million, 0.51 million, and 0.08 million new customers, respectively. As of March 31, 2023, Jana SFB had a total of 18,184 permanent employees.
Company Financials (₹ Cr)
As of 2023-09-30
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 28,105.87 | 25,643.69 | 20,188.71 | 19,078.66 |
| Total Income | 2,215.57 | 3,699.88 | 3,062.37 | 2,720.74 |
| Profit After Tax | 213.22 | 255.97 | 17.47 | 72.26 |
| NET Worth | 2,547.11 | 1,777.07 | 1,184.56 | 1,100.77 |
| Reserves and Surplus | 2,225.44 | 1,472.28 | 999.29 | 914.09 |
| Total Borrowing | 5,313.54 | 6,277.46 | 4,509.83 | 4,815.32 |
Key Ratios
EPS
₹27.40
NAV
₹323.23
ROE
16.78%
RoNW
14.40%
P/B Value
1.28
P/E Ratio
15.11
Market Cap
₹4330.04 Cr
Debt/Equity
3.49
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Utkarsh Small Finance Bank Limited | 22.33 | 20.22% | 13.51 | 4.52 | 4.51 |
| Fusion Micro Finance Ltd | 230.74 | 16.67% | 14.68 | 43.29 | 43.13 |
| Equitas Small Finance Bank Limited | 46.44 | 11.12% | 24.21 | 4.71 | 4.67 |
| Ujjivan Financial Services Ltd | 21.27 | 26.45% | 10.15 | 5.88 | 5.87 |
| Bandhan Bank Ltd | 121.58 | 11.21% | 16.87 | 13.62 | 13.62 |
| Spandana Sphoorty Financial Ltd | 436.58 | 0.4% | 665.52 | 1.74 | 1.74 |
| Creditaccess Grameen Ltd | 326.89 | 16.18% | 32.66 | 52.04 | 51.82 |
| Suryoday Small Finance Bank Limited | 149.28 | 4.9% | 24.21 | 7.32 | 7.32 |
| Au Small Finance Bank Ltd | 164.64 | 13% | 35.47 | 21.86 | 21.74 |
| Jana Small Finance Bank Limited This IPO | 323.23 | 14.4% | — | 47.47 | 42.64 |
Promoters
Jana Capital Ltd. and Jana Holdings Ltd.
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹2,720.74 Cr in the year ended March 31, 2021, rising to ₹3,062.37 Cr by March 31, 2022, and further increasing to ₹3,699.88 Cr by March 31, 2023. However, for the most recent period ending September 30, 2023, total income decreased to ₹2,215.57 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹72.26 Cr for the year ended March 31, 2021, which increased to ₹17.47 Cr by March 31, 2022, and then further to ₹255.97 Cr by March 31, 2023. In the latest period ending September 30, 2023, profit after tax was ₹213.22 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹414.0, Jana Small Finance Bank's implied P/E ratio is approximately 15.11, compared to peers trading at P/E ratios ranging from 10.15 to 665.52.
Key Risks
Investors should consider potential risks such as market volatility, regulatory changes, and the bank's ability to sustain its growth momentum in a competitive financial landscape.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before they are listed. A positive GMP suggests that investors are optimistic about the stock's performance post-listing.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance, considering the company's growth potential and market conditions.
Who May Want to Wait
Conservative investors who prioritize stability and lower risk may want to avoid this IPO, especially if they are concerned about the recent decline in total income and profit figures.
IPO Timeline, Explained
The IPO opens for subscription on February 7, 2024, and closes on February 9, 2024. Allotment of shares will be done on February 12, 2024, with the listing date set for February 14, 2024.
Listing Gains — The Risk
While listing gains can be attractive, they are not guaranteed. Investors should be aware that the stock price can fluctuate significantly on the listing day based on market conditions and investor sentiment.
This evaluation is generated from Jana Small Finance's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Jana Small Finance IPO GMP today?
Jana Small Finance IPO GMP today is +₹16.0 (3.86%), indicating an estimated listing price of ₹430. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Jana Small Finance IPO?
The price band of Jana Small Finance IPO is ₹393.0–₹414.0 per share.
When does Jana Small Finance IPO open and close?
Jana Small Finance IPO opens on 07 February 2024 and closes on 09 February 2024.
When does Jana Small Finance IPO list on the stock exchange?
Jana Small Finance IPO listed on 14 February 2024 at ₹430.0.
What is the lot size for Jana Small Finance IPO?
The lot size for Jana Small Finance IPO is 36 shares, requiring a minimum investment of ₹14,904.
What is the price band for the IPO?
The price band for the IPO is ₹393.0 to ₹414.0.
What is the minimum investment required?
The minimum investment required is ₹14,904.0.
What is the lot size for the IPO?
The lot size for the IPO is 36 shares.
When is the listing date?
The listing date is February 14, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price at which the shares will trade in the unofficial market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
07 Feb 2024
Close
09 Feb 2024
Allotment
12 Feb 2024
Listing
14 Feb 2024
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