ICICI Direct: IPO of Equitas Small Finance Bank

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Equitas Small Finance Bank is a small, mass market-focused finance bank that provides banking products and services to unserved and underserved segments.

It is the largest SFB in India by number of bank outlets and the second largest SFB in India by assets under management and total deposits as of FY19.

As of June 30, 2020, the bank had 856 bank outlets and 322 ATMs spread across 17 states and union territories in India.

The company has a diversified portfolio with advances growing at a compound annual growth rate of 34% in FY18-20 to Rs 13,747 crore (Rs 14,389 crore in June 2020).

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