Utkarsh SFB raises Rs 222 crore from Anchor investors ahead IPO

12 Jul 2023 , 09:32 AM

Utkarsh Small Finance Bank has successfully raised Rs 222.75 crore from anchor investors prior to the opening of its Initial Public Offering (IPO). A total of twenty anchor investors participated in the anchor book, including prominent names such as SBI Mutual Fund, ICICI Prudential, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Goldman Sachs Funds, SBI Life Insurance Company, Edelweiss Trusteeship, Founders Collective Fund, and AG Dynamics Funds.

The bank aims to raise Rs 500 crore through its public issue, which will consist solely of fresh shares. Consequently, the funds raised (excluding issue expenses) will be utilized to enhance its Tier-1 capital base in order to meet future capital requirements.

The IPO subscription will open on July 12 and the bidding period will conclude on July 14. The price band for the offer has been set at Rs 23-25 per share.

Utkarsh Small Finance Bank has allocated 75% of the offer to qualified institutional buyers, 15% to high net worth individuals, and the remaining 10% to retail investors.