ESAF Small Finance Bank Ltd. (ESFBL) targets unbanked and under-banked customers, focusing on rural and semi-urban areas. As of June 30, 2023, 62.97% of its advances and 71.71% of its outlets were in these areas. Financially, it showed a mixed performance over the past three years, with a notable increase in FY23. Q1 FY24 saw a net profit of Rs. 129.96 cr. The IPO is priced attractively at a P/BV of 1.47 based on NAV of Rs. 40.92. No dividends were declared. ESFBL, known for its southern presence, offers potential for medium to long-term rewards, appealing to investors.