scorecardresearchUtkarsh Small Finance Bank IPO a mega hit; subscribed 101.91 times

Utkarsh Small Finance Bank IPO a mega hit; subscribed 101.91 times

Updated: 14 Jul 2023, 07:03 PM IST
TL;DR.

  • The initial share sale got bids for 1,228.46 crore shares against 12.05 crore shares on offer, as per data available with the NSE.

Utkarsh Small Finance Bank on Tuesday said it has mobilised  <span class='webrupee'>₹</span>223 crore from anchor investors.

Utkarsh Small Finance Bank on Tuesday said it has mobilised 223 crore from anchor investors.

(PTI) The Initial Public Offer (IPO) of Utkarsh Small Finance Bank was a huge hit among investors as it got subscribed a whopping 101.91 times on the last day of subscription on Friday.

The initial share sale got bids for 1,228.46 crore shares against 12.05 crore shares on offer, as per data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) received a mammoth 124.85 times subscription while the non-institutional investors part got subscribed 81.64 times. The quota for Retail Individual Investors (RIIs) got 72.10 times subscription.

The IPO of Utkarsh Small Finance Bank received 16.20 times subscription on the second day of offer on Thursday. The company's IPO was subscribed 4.73 times on the first day of subscription on Wednesday.

The IPO had a fresh issue of up to 500 crore. The price range for the offer was at 23-25 a share.

Utkarsh Small Finance Bank on Tuesday said it has mobilised 223 crore from anchor investors.

Proceeds from the fresh issue will be utilised to augment the lender's tier 1 capital base to meet future capital requirements.

The company commenced operations in 2017 and its product suite includes a range of deposit products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities.

Post the IPO, Utkarsh would join the league of other small finance banks such as AU Small Finance Bank, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Suryoday Small Finance Bank to list on the stock exchanges.

ICICI Securities and Kotak Mahindra Capital were the managers to the offer.

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First Published: 14 Jul 2023, 07:03 PM IST