Utkarsh Small Finance Bank IPO Subscribed 101.91 Times On Day 3

Utkarsh Small Finance Bank Ltd. is looking at raising up to Rs 500 crore via the issue of fresh equity shares. Utkarsh Small Finance Bank's IPO involves no offer for sale from existing investors.

It was fully subscribed on the first day of its initial public offering on Wednesday, at 4.73 times. The IPO was subscribed 16.2 times on day 2 led by bids from retail investors.

The company raised Rs 223 crore from anchor investors ahead of the IPO. It allocated 8.91 crore equity shares to anchor investors at Rs 25 apiece. State Bank of India Mutual Fund, SBI Life Insurance, ICICI Prudential, Kotak Mahindra, Goldman Sachs, Edelweiss Trusteeship and Aditya Birla Sun Life were among the anchor investors, according to a BSE circular.

• Issue opens: July 12.

• Issue closes: July 14.

• Total issue size: Up to Rs 500 crore.

• Face value: Rs 10 per equity share.

• Offer for sale: Nil.

• Price band: Rs 23-25.

• Lot size: 600 equity shares.

• Listing: NSE, BSE.

SFBs are required to list their equity shares on stock exchanges within three years of reaching a net worth of Rs 500 crore, according to the RBI regulations.

Utkarsh Small Finance Bank has proposed to utilise the net proceeds from the IPO towards augmenting its tier–1 capital base in order to meet its future capital requirements. The proceeds will also be used towards meeting the expenses incurred for the IPO.

The IPO has been fully subscribed 101.91 times as of 7 p.m. on July 14.

• Institutional investors: 124.85 times.

• Non-institutional investors: 81.64 times.

• Retail investors: 72.11 times.

• Employee reserved: 16.58 times.