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RBL Bank - IPO Note - SUBSCRIBE - Long-term Play on Strong Growth Potential - Reliance Securities

Posted On: 2016-08-20 00:14:17

RBL Bank (RBL) has successfully transformed itself into one of the fast growing private sector banks. It started major transformation in 2010 with its current management team led by Mr. Vishwavir Ahuja taking over operations, who proactively converted the 75 year old bank into a new-age private sector bank. This transformation was led by professionally-managed Board and veteran management professionals having varied experience and new investors. Currently, RBL offers a wide range of products and services through five business segments i.e. Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking & Financial Inclusion and Treasury B Financial Markets Operations. Currently, RBL has 197 branches and 362 ATMs across 16 states and UTs serving ~1.9mn customers (as on FY16). It acquired Business Banking, Credit Card & Mortgage Portfolio businesses of Royal Bank of Scotland (RBS) in FY14 to augur its growth plan.

RBL is coming out with an IPO consisting of 540mn equity shares of Rs10 each in a price band of Rs224-Rs225. The IPO - comprising of fresh issue and offer for sale - will open for subscription on August 19, 2016 and close on August 23, 2016. Bids can be made for a minimum of 65 equity shares and in multiples of 65 shares thereafter.

Outlook & Valuation

Post the fresh issue of Rs8.3bn, RBL will be trading at a valuation of 2.1x P/ ABV, which looks reasonable considering its strong growth potential. We recommend SUBSCRIBE to the IPO on the back of strong management team, healthy growth in business and earnings, and reasonable valuations. We expect listing gains.


Source: Equity Bulls

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