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Andhra Pradesh Grameena Vikas Bank To Launch IPO

Andhra Pradesh Grameena Vikas Bank To Launch IPO:

Andhra Pradesh Grameena Vikas Bank (APGVB), a regional rural bank sponsored by State Bank of India, is looking to raise funds by issuing fresh equity shares through an Initial Public Offer (IPO).

Andhra Pradesh Grameena Vikas Bank is the largest regional rural banks (RRB), with an asset size of Rs 25,000 crore and capital adequacy of 14%.

V Narasa Reddy, chairman, APGVB, said the bank was comfortable on the capital front, with a capital adequacy ratio (CAR) of 14 per cent but it would need extra capital to support growth plans over the next five years.

Andhra Pradesh Grameena Vikas Bank has 250 branches.

The lender would like to expand the branch network and asset book as well as make investments to upgrade technology. Besides retained earnings, it would need injection of funds (equity) to finance expansion and strengthen capital base. These plans are subject to regulatory clearances, Reddy said.

SBI has indicated it plans to list two regional rural banks (RRBs) sponsored by it in the next one year. Besides APGVB, SBI plans to list Rajkot-based Saurashtra Gramin Bank.

“We found that the financials of these RRBs are comparable to some of the recently listed private sector banks and small finance banks. Seeing the valuation that these private sector banks are able to fetch, we feel confident of taking these RRBs to the market,” said Dinesh Kumar Khara, managing director (MD) of SBI.

However, the operational cost in these banks is very high and so is the level of local political interference, both of which SBI will look to address in the coming months, Khara added.

RRBs were set up in 1975 with a view to develop the rural economy and create a supplementary channel to the ‘cooperative credit structure’ in order to enlarge institutional credit for the rural and agricultural sector.

Market Update:

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Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insuranceSBI life insurance IPO etc.

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