India Financials

Saumya Agarwal

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

Equitas Small Finance Bank  (EQUITASB IN)

Equitas Small Finance Bank (‘Equitas’) will be launching its IPO tomorrow i.e. on October 20, 2020. This would be the third IPO of a Small Finance Bank (SFB) in India, after that of AU Small Finance Bank and Ujjivan Small Finance Bank.The listing of Equitas (as well as other Small Finance Banks) is primarily driven by RBI regulations, which stipulate that Small Finance banks must list within 3 years of commencing operations. Equitas had commenced operations in 2016 and its listing has already been delayed, in part due to the Covid pandemic.Ahead of the IPO, we compare Equitas with its listed peers – AU and Ujjivan. How does Equitas compare with them on fundamentals and valuation.

Equitas Small Finance Bank (‘Equitas’) will be launching its IPO tomorrow i.e. on October 20, 2020. This would be the third IPO of a Small Finance Bank (SFB) in India, after that of AU Small Finance Bank and Ujjivan Small Finance Bank.The listing of Equitas (as well as other Small Finance Banks) is primarily driven by RBI regulations, which stipulate that Small Finance banks must list within 3 years of commencing operations. Equitas had commenced operations in 2016 and its listing has already been delayed, in part due to the Covid pandemic.Ahead of the IPO, we compare Equitas with its listed peers – AU and Ujjivan. How does Equitas compare with them on fundamentals and valuation. 