Utkarsh Small Finance Bank IPO ‘fully subscribed’ on day 1: All you need to know

Utkarsh Small Finance Bank IPO: The public offering, through which the bank aims to raise ₹500 crore, is available for subscription till July 14.

Published on: Jul 12, 2023, 13:40:39 IST

By HT News Desk, New Delhi

Prefer HTon Google

Share via

Copy link

Utkarsh Small Finance Bank IPO: The initial public offering (IPO) of Utkarsh Small Finance Bank (SFB) opened for subscription on Wednesday and will be available for subscription till July 14. Incorporated in 2016, Utkarsh SFB aims to raise up to ₹500 crore with the IPO.

‘IPO fully subscribed’

According to HT's sister website Mint, which cited data from the Bombay Stock Exchange (BSE), the IPO portion reserved for retail investors took only 30 minutes within launch to become ‘fully subscribed.' The response from both non-institutional investors (NIIs) and employees, too, was ‘good,' it noted.

Overall, till 12:06pm, bids for 12,27,66,000 equity shares were received against 12,05,43,477 equity shares on offer; in other words, these were subscribed 1.02 times.

Who subscribed how many times?

Retail investors portion was subscribed 3.79 times, NIIS quota 1.24 times, and employees' allotment 46%. While 10% of the offer is reserved for the retail investors, 75% is for qualified institutional buyers (QIBs) and the remaining 15% for NIIs.

Price band

For the proposed offering, Utkarsh SFB has fixed the price band at ₹23 to ₹25 per equity share.

Why is the IPO being raised?

The bank aims to improve its tier-I capital base and meet future capital needs. As of March, its tier-I capital stood at ₹1844.82 crore.

About Utkarsh Small Finance Bank

It commenced operations in 2017, and offers services across a range of deposit products, which, in turn, includes saving accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Initial Public Offering

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator