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IPO

Utkarsh SFB IPO subscribed 102 times

MoneyControl  

The IPO of Varanasi-headquartered Utkarsh Small Finance Bank was subscribed 101.91 times. Bids for 1,228.47 crore equity shares have been received against the IPO size of 12.05 crore shares. Retail investors, who will get 10% of the offer, have bought 72.11 times the allotted quota, while the portion set aside for employees has been subscribed 16.58 times. The small finance bank has reserved 1% of the offered size in IPO (20 lakh shares) for its employees, while there is a 75% reservation for qualified institutional buyers and 15% for high networth individuals. Qualified institutional buyers also showed good interest in the IPO which has a price band of INR 23-25 per share, buying 124.85 times the reserved portion, while the part of non-institutional investors (high networth individuals) was booked 81.64 times. The proceeds, barring issue expenses, will be used for augmenting its Tier - 1 capital base to meet future capital requirements. Utkarsh operates across 26 states and union territories with 830 banking outlets with a total loan portfolio of INR 13,957 crore as of FY23. Micro banking constitutes 66% of total loans with the balance constituting housing, auto, gold, LAP (loan against property), unsecured personal, wholesale and others.