Demand deluge pushes Equitas IPO to Rp23bn

Small finance bank (SFB) Equitas Holdings made a splash in India this week, pricing the country’s largest, and one of the most popular, IPOs of the year at the top of guidance. The Rp22.5bn ($337.4m) listing is the first from an SFB in the country and its success came despite foreign investors playing no role in the transaction.