Capital Small Finance Bank Limited IPO Message Board (Page 6)

Skipping both...Jana...... Capital.......Capital....Naja....

It seems qib are not interested

Capital SFB is the riskiest bet - all peers are far cheaper (7-15) on TTM PE basis except AU SFB.

AU SFB, Suryoday, Equitas - largely secured book - these trade at 12-15 PE (exception of AU SFB - 25 PE). Capital has a 100% secured book, while Suryoday / Equitas have ~80% secured, so that can explain the slight premium, but don't see huge upside.

Ujjivan, ESAF, Jana - more microfinance / unsecured book; these trade at 7-10 PE. Jana is actually somewhere in between (55% secured, 45% microfinance), so it might be in the 10-12 range, so some small upside possible.

Note this comparison is on PE basis; I could find no corelation on P/BV which is a better metric for financial institutions. Also all banks are doing reasonably well, strong growth, strong profitability, but the market is really not valuing this sector right now.

Currently planning to skip Capital, may put some SHNI in Jana. Will see if QIBs change my mind.

skipping this....mostly it wont have good qib subscription and company also not looking good....

All 3 IPOs are similar in size. But Capital has lowest GMP, still QIB filled fastest in this.
'Khela hobe' ka chances hai?

Surprisingly, QIB fully subscribed now.

Exactly!! I was also thinking about that...Also since the IPO size is almost the same for both Jana and CSFB, now either it is a trap for Retail or QIBs genuinely believe that CSFB deserves more respect...

Applied 1 shni
will take call for other retail / hni tomorrow after experts view. @Tejas Pandya @newgen consultancy @Smile✍️ @PLAZA @Basuvr

Avoiding this one

If having access to sell n apply then you can apply anywhere

Give 11 retail app In Rajkot Subj2 750 done dont take risk after epack listing

Mare aapvi che leso

सब जना जना कर रहे है तो क्या पंटर यहां पे खेला होबे कर सकते है??🤔

​@PUSHPaa ​@arvindarvind What @Heritage Wale Means is that some profit(ફુલ )can be there on listing but it comes with little risk(કાંટા)

​@Admin @ Chittorgarh.com 
I know it might be too much too ask, but, can you addd a translation facility in your already amazing and wonderful site or a link to one..

Just wondering..🙏🙏

*JANA SFB*

Approx break up applications :
08-02-2024 @5.00pm
As per NSE average

HNI above 10L - ~985(0.37x)

HNI 2-10L ~4,671(3.50x)

Retails - ~2,51,440(1.92x)

*CAPITAL SFB*

Approx break up applications :
08-02-2024 @5.00pm
As per NSE average

HNI above 10L - ~305(0.12x)

HNI 2-10L ~1,785(1.43x)

Retails - ~1,34,833(1.10x)

*RP TECH*

Approx break up applications :
08-02-2024 @5.00pm
As per NSE average

HNI above 10L - ~2,981(1.04x)

HNI 2-10L ~11,577(8.07x)

Retails - ~4,28,895(3.05x)

Made 1 retail application. Will go for 1 more if retail crosses 2x.

Retail app wise: 2.19 times. Almost 50% chance of allotment. Thanks.

​@Crow Sir, thanks for providing app wise figures. I presume technical rejections can increase allotment chances where one seeks allotment but also where one does not seek (Capital SFB)

Today three IPOs opened for subscription for investors. Investors feel happy to see opening of IPOs. Now it needs to know facts, figures, subscription and GMP. In addition Market sentiments are also required to understand. As far as unblocking of funds, not a problem because funds available within less than 48 hours of issue closed.
One thing common in all three : Expensive issue price, subscription not good so far but on last day funds will be available for subscription. Rashi the oldest one followed by Capital and Jana. Not new at all. Pre ipo equity holding in both the SFB is very bad. Jana 25% and Capital 24%. In any way very bad.
Capital SFB being in micro finance is always risky.
PAT increasing on regular basis. Available funds will be utilized for further needs. Borrowings likely to increase to expand business. Not a good sector in my view at this valuation and equity holding. Not to be so greedy.
Jana SFB again a credit giving company to middle income level group customers. Equity holding again very poor. PAT not attractive. Available funds to be utilized for expansion only. However Mr. D D has given apply rating. But risky in my views.
Rashi, the oldest one among three. Equity holding on good size. Main set back, only distribution company. A concern for investors in my views. FV 5 is again a concern in my view. PAT increasing on regular basis is good. Available funds will be utilized for pre payment or part payment of borrowings is positive to decrease interest burden. Have better GMP and subscription figures in comparison to other two.
With better subscription and GMP and other things, Rashi looks better. But negative factor for all three GMP is on negative mood. Own assessment and study also required for subscription and risk appetite need to be considered.
Decision to subscribe should only be individual and not to blame others in negative returns.
Long post, as taken views on all three IPOs altogether, to take necessary views and decision.
Hope members will not mind.
Thanks to spare time to read this post. All my personal views on my own thinking.

​@PKRAJ One clarification since this post will influence members - Capital SFB is not in the microfinance segment. By definition (RBI's, not mine) microfinance is unsecured loans, to the lowest income segment (<3L)

Capital SFB strictly only provides secured loans and to the middle income segment (4L-40L). Concerns over the microfinance segment is fair given market is not valuing this sector now, but that's not the right reason to have concerns on Capital SFB.

By comparison, Jana is closer to microfinance (40% of book unsecured, while 60% is secured) though trending strongly towards secured book.

Thanks members for appreciating my post. This is my personal thinking and may differ from other members. Thanks again.
@rohiitian I am thankful to you that you read my post so carefully. Here I want to draw your kind attention regarding my comment on microfinancing. In the details of Capital SFB above it is mentioned that

"Capital SFB became the first non NBFC microfinance entity to receive SFB license".

I may be wrong in my interpretation in view of above. I am not so learned about RBI Rules as like you. I am happy to have such a learned member in the forum. Helpful to members to enhance their extra knowledge. I am not an influencer.
Not an argument. Because not possible for me. I don't belive to indulge in any argument.

Dear Members, I am missing posts about Review of Anchor Book of IPO recently .
It would be very helpful if some learned member provides Anchor book review.

Very average anchor book. No big foreign QIB Interested

Thanks for indepth details. Will have another deeper look

Admin open new page for Vibhor steel tubes discussion , Opening dates are confirmed as 13-15 Feb. @Admin @ Chittorgarh.com

GREY MARKET
Jana ₹67/=
Hotel ₹35/=
Capital finance ₹43/=
Alpex ₹180/= ₹190/=
Rudra gas ₹31/= buyer
Wti cabs 105/= ₹115/=
Italian edable ₹16/=
Gabriel ₹46/= 51/=

CAPITAL में सन्नाटा है 🦁QIB- 🐅HNI- 🤏RETAIL
सबको डर लग रहा है कहीं CAPITAL Reduce ना हो जाए???
😛😜😝

सुराणा साब
सबको लगता है की ये आईपीओ सबका चूरमा कूट देगा

इसे कहते है

गर्मी में भी सर्दी का एहसास

Total 19 Anchor Investors.
Average AIs.

Jana SFB seems to be better than Capital SFB in all paramaters. Fingers crossed due to paucity of funds and bunching of ipos again

Further added Capital small finance have lowest interest borrowing cost

Price band of jana is attractive compare to capital sfb also NiM and p/B ratio of jana also better than capital sfb. 84% revenue of capital sfb comes from only Punjab state so concentration risk is also in capital sfb. This is not recommendation or avoid call

Share Holding Pre Issue      is 24.01%
As per me it's a avoid.

As per my knowledge in banking sector after listing as per sebi rule within three year promotor holding should be less than 26%.

so in banking promotor holding in jana sfb 24.04% it fit as per sebi rules.

look at the promotor holding of kotak bank is 25.9%.

thank you

I bought Karnataka Bank share at around 80 and sold for around 140. It has further gone up. And its promoter holding is 0.

Respected sir,
@newgen consultancy @lokes & all other senior members, plz tell ur views on
Jana
Capital
Rashi
which should be applied & skipped.

Thanking u ol….!!
🙏🏼

In my view , 1st preference should be given to Jana SFB and then 2nd preference to Rashi.

Capital SFB is priced exorbitantly and concentrated to specific zone. It can be skipped if possible. I doubt it can join Suryodaya SFB w.r.t listing.

.