Utkarsh Small Finance Bank Ltd. was fully subscribed on the first day of its initial public offering. Within three hours of the IPO opening, that is, by 12:27 p.m., it had been subscribed 1.29 times.
The private lender is looking to raise 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.
The company raised Rs 223 crore from anchor investors ahead of its IPO. It allocated 8.91 crore equity shares to anchor investors at Rs 25 apiece. State Bank Of India funds, SBI Life Insurance, ICICI Prudential, Kotak Mahindra, Goldman Sachs, Edelweiss Trusteeship, and Aditya Birla Sun Life were among the anchor investors, according to the BSE circular.
According to Motilal Oswal Utkarsh Small Finance Bank has robust financials, good asset quality, and healthy ratio.
"The issue is priced at 1.1x FY23 ABV (on fully diluted basis), which seems comfortable. Given the current buoyant market and high interest for SFB stocks, the issue could garner some curiosity", Motilal Oswal said in note on July 11.
Issue Details
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.
All You Need To Know About Utkarsh Small Finance Bank's IPO
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