Utkarsh SFB IPO subscribed 100 times on the final day of bidding

14 Jul 2023 , 03:58 PM

The initial public offering (IPO) of Utkarsh Small Finance Bank has received an overwhelming response, with a subscription of 100 times by 3:45 PM on the final day of the offer. The retail portion of the IPO has been subscribed 69.86 times, demonstrating strong demand from individual investors. In the NII (Non-Institutional Investor) category, the public issue has been subscribed 81.38 times, while in the QIB (Qualified Institutional Buyer) category, it has been subscribed an impressive 123.14 times.

Utkarsh Small Finance Bank, headquartered in Varanasi, has allocated 20 lakh shares, representing 1% of the offered size, for its employees. Additionally, there is a 75% reservation for qualified institutional buyers and a 15% reservation for high net worth individuals in the IPO.

With the aim of raising Rs 500 crore through its maiden public issue, which opened on July 12 and consists solely of a fresh issue, Utkarsh Small Finance Bank intends to strengthen its Tier-1 capital base to meet future capital requirements. The entire proceeds, excluding issue expenses, will be utilized for this purpose.