Retail investors can buy shares in lot sizes of 49 shares up to a maximum of 13 lotsSuryoday Small Finance Bank share sale via initial public offering (IPO) will open for subscription on March 17. Suryoday Small Finance Bank plans to raise Rs 582.34 crore by selling shares in the price band of Rs 303-305 per share. The employees of Suryoday Small Finance Bank will get discount of Rs 30 per share in the IPO. “Suryoday Small Finance Bank Ltd (SSFBL) was among the leading SFBs in India in terms of net interest margins, return on assets, yields, and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020,” HDFC Securities said in a note. Prior to the commencement of operations as a small finance bank, it operated as a micro-finance institution carrying out microfinance operations and operated the joint liability group lending model for providing collateral-free, small ticket-size loans to economically active women belonging to weaker sections.  SSFBL’s customer base was 1.44 million and its employee base comprised 4,770 employees and it operated 554 Banking Outlets including 153 Unbanked Rural Centres. It has set up 661 customer service points (“CSPs”) as additional service or touch points during April, HDFC Securities added. Suryoday Small Finance Bank IPO comprises of offer for sale of Rs 333.76 crore and fresh issue of Rs 248.58 crore. Proceeds from the fresh issue will be used towards augmenting the bank’s tier-1 capital base to meet the bank’s future capital requirements and proceeds received from the offer for sale will not form part of net proceeds. Retail investors can buy shares in lot sizes of 49 shares up to a maximum of 13 lots. At the higher price band one lot of Suryoday Small Finance Bank will cost Rs 14,945.