J. Sagar Associates advised IDFC FIRST Bank acting as a selling shareholder in the INR 5.8 billion IPO by Suryoday Small Finance Bank Limited. IDFC FIRST Bank, sold 1,500,000 equity shares of Suryoday Small Finance Bank Limited through the IPO at a price of Rs. 305 per equity share, reflecting an increase in the number of shares offered by IDFC FIRST Bank between the DRHP and RHP stages.
Suryoday was among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020 and has for over a decade been serving customers in the unbanked and underbanked segments in India and promoting financial inclusion.
JSA team comprised Lead Partner – Arka Mookerjee; Principal Associate – Pracheta Bhattacharya.
Arka Mookerjee is a Partner and Co-Head of the Equity Capital Markets practice, with over 21 years of experience advising on India’s most complex and high-value transactions. Widely recognised for pioneering mandates—including India’s first QIP and InvIT IPO—he represents issuers, underwriters and investors across capital markets and investment structures. Arka actively engages with regulators and industry bodies, playing a key role in shaping India’s evolving capital markets framework.