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Bandhan Bank`s Valuation and Sustainability: Beyond the IPO |
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INTRODUCTION |
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On January 8, 2019, the share price of Bandhan Bank Limited (Bandhan Bank), an Indian private sector lender, dropped by more than 6.03% to Rs. 470.85 after the bank and Gruh Finance Limited announced their merger through a share swap deal. Industry observers expressed doubts about the synergies that the deal would offer. Earlier in August 2018, just five month after its IPO, Bandhan Bank became costliest banking stock in terms of price-book (P/B) ratio among the top 10 banks based on the market capitalisation.
Bandhan Bank was the brainchild of Chandra Shekhar Ghosh (Ghosh), who had earlier founded a not-for-profit organization for poverty alleviation through microfinance activity and later converted it into a Non-Banking Financial Company (NBFC) and a bank subsequently, to scale up the business...
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