PE-backed Ratnakar Bank targets IPO in 2014
Ratnakar Bank, a Kolhapur-based lender that received $157 million in private equity funding last year, plans to launch an IPO within two years. It is part of a wider transformation of Ratnakar into a nationwide operator providing end-to-end services.
Vishwavir Ahuja, the bank's CEO, told The Times of India that the loan book has grown from around INR10 billion when its Vision 2015 plan was put in place 18 months ago, to around INR25 billion. The loan book is expected to double again by the time of the IPO. The bank has total assets of INR73 billion and business volume of INR90 billion.
Ratnakar has also brought in new senior management, set up a network of 60 ATMs, increased its branch network to 100 and is in the process of a technology upgrade.
Ahuja brought in a group of private equity and strategic investors in February 2011. Participants include Baer Capital Partners, Gaja Capital Partners, Housing Development Finance Corp, Norwest Venture Partners and Samara India Advisors.
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