India-based private sector lender Bandhan Bank has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering of nearly 119.2 million shares.

The IPO includes about 98 million equity shares and an offer-for-sale of up to 14 million shares by International Finance Corporation (IFC) and up to 7.5 million shares by IFC FIG Investment Company.

The equity shares were proposed to be listed on the Bombay Stock Exchange and National Stock Exchange of India.

Bandhan Bank is estimated to raise more than INR25bn ($392m) through this IPO, according to merchant banking sources.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, JM Financial Institutional Securities and JP Morgan India are the book running lead managers to the issue.

Bandhan Bank received banking licence from Reserve Bank of India (RBI) in 2014. Before receiving the universal banking licence, it used to operate as a micro-finance entity in the country.

Under RBI directives, Bandhan Bank had to make an IPO within three years from the commencement of banking operations.

Currently, it operates 864 branches across India with 2,485 Doorstep Service Centres and 386 ATMs.