Latest News | Utkarsh Small Finance Bank IPO Subscribed 16.20 Times on Day 2 of Offer

New Delhi, Jul 13 (PTI) The Initial Public Offer (IPO) of Utkarsh Small Finance Bank received 16.20 times subscription on the second day of offer on Thursday.

The IPO received bids for 1,95,26,93,400 shares against 12,05,43,477 shares on offer, according to NSE data.

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The portion for Retail Individual Investors (RIIs) was subscribed 36.66 times, while the category for non-institutional investors received 27.72 times subscription and Qualified Institutional Buyers (QIBs) 3.88 times.

The IPO of Utkarsh Small Finance Bank was subscribed 4.73 times on the first day of subscription on Wednesday, helped by overwhelming participation from all categories of investors.

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The offer has a fresh issue of up to Rs 500 crore and has a price range of Rs 23-25 a share.

Utkarsh Small Finance Bank on Tuesday said it has mobilised Rs 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.

Utkarsh 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 successful completion of 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 Limited and Kotak Mahindra Capital are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)