Bandhan Bank, an India-based private sector lender,is set to launch an initial public offering (IPO) to raise nearly INR44.73bn ($688.6m) in capital.

Almost 119.2 million shares will be sold during the IPO, which is touted to be the biggest initial share sale by a bank in the country. Bandhan Bank will sell new shares of up to 97.7 million in the IPO.

The Kolkata-based bank is offering a share in the price range of INR370 ($5369) to INR375 ($5.77).

Earlier in January, Bandhan Bank filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the IPO.

During the IPO, which opens on 15 March, the bank’s shareholders – International Finance Corp and IFC FIG Investment Company – will sell their 21.6 million shares. The IPO will close for subscription on 19March, reported Reuters.

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

Bandhan Bank, formerly a microfinance company, secured permission from the Reserve Bank of India to start banking operations in 2015.

Currently, Bandhan Bank manages a network of 893 branches offices, and has deposits of over INR272.3bn ($4.2bn) and outstanding loans of INR263.78bn.