Jana Small Finance Bank has raised Rs 166.95 crore from anchor investors, a day ahead of its IPO opening.

The Bengaluru-based small finance bank said in a regulatory filing that it has finalised allocation of 40,32,588 equity shares to anchor investors at a price of Rs 414 per equity share.

A total of 17 institutional investors participated in the anchor book, as per the data published on exchanges. East Bridge Capital Master Fund and SBI Life Insurance Company were the biggest anchor investors, buying Rs 24.99 crore worth of shares each.

Turnaround Opportunity Fund, HDFC Life Insurance Company, SBI General Insurance Company and Kotak Iconic Fund were other big anchor investors, picking Rs 58 crore worth of shares in the small finance bank.

Citigroup Global, Copthall Mauritius Investment, Societe Generale Astrone Capital, 360 One Mutual Fund, Bandhan Mutual Fund, Tata AIA Life Insurance Company, Kotak Mahindra Life Insurance and Ananta Capital Ventures Fund also participated in the company's anchor book.

"Out of the total allocation of 40,32,588 equity shares to anchor investors, 2,47,560 equity shares (i.e. 6% of the total anchor allocation), were allocated to one domestic mutual fund through a total of two schemes," Jana Small Finance Bank said.

Jana Small Finance Bank’s initial public offering (IPO) will open for subscription on 7 February and close on 9 February. It has set the price band of the public issue at Rs 393-414 per share.

The small finance bank aims to raise Rs 570 crore from its initial offer, out of which Rs 462 crore is aimed at issuance of fresh shares. The remaining Rs 108 crore is reserved for the offer-for-sale (OFS) route. 

Axis Capital, ICICI Securities and SBI Capital Markets are the book running lead managers of the IPO. KFin Technologies has been appointed as the official registrar of the book build issue. 

The bank proposes to utilise the net proceeds from the fresh issue towards augmenting its tier-1 capital base to meet the future capital requirements.