The initial public offering of Usha Financial Services Ltd. is set to list on the NSE SME platform on Oct. 31. Ahead of the listing, the grey market premium on the Usha Financial Services IPO stood at Rs 10 as of 6:03 a.m. on Oct. 30. The GMP trend indicated a decent listing for the shares of the non-banking finance company. As per InvestorGain, shares of Usha Financial Services Ltd. are likely to make their D-street debut with a 5.95% premium over the IPO's upper price of Rs 168 apiece.
However, Usha Financial Services IPO GMP has been declining over the past week, slipping to Rs 10 from Rs 51, recorded on Oct. 23.
Notably, GMP or grey market price is not an official price quote for the stock and is based on speculation.
The Usha Financial Services IPO was open for subscription between Oct. 24 and Oct. 28.
The issue received a decent response from investors, who applied for 19.37 times the share available, as per data from Chittorgarh. Retail investors applied for 20.76 times the shares reserved for the category. Qualified Institutional Buyers bid for 10.04 times the shares reserved for them, while non-institutional investors booked their allocation 28.55 times.
Usha Financial Services IPO Price Band And Offer Size
Usha Financial Services IPO price band was fixed at Rs 160 to Rs 168 apiece.
Retail investors were required to buy at least 800 shares in a single lot, taking the minimum investment value to Rs 1,34,400 per application.
The public offer was an entirely fresh issue of 58.6 lakh shares worth Rs 98.45 crore.
Skyline Financial Services Pvt. served as the registrar for the Usha Financial Services IPO. The share allotment for the issue was finalised on Oct. 29.
Use Of Proceeds
Usha Financial Services Ltd. will use the IPO proceeds to augment its capital base. A portion of the money raised via the public offer of shares will also be used for general corporate purposes.
About Usha Financial Services Ltd.
Usha Financial Services Ltd. provides lending solutions to NBFCs, MSMEs, corporations and individuals, especially women entrepreneurs. Incorporated in 1995, the company is registered with the Reserve Bank of India as an NBFC-ICC (Non-Banking Financial Company - Investment and Credit Company).
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the read herring prospectus thoroughly before placing bids.
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