Utkarsh Small Finance Bank IPO subscribed 3.06 times on day 1 so far; retail portion booked 10.08 times

12 Jul 2023 , 03:29 PM

Utkarsh SFB’s initial public offer (IPO) worth Rs 500 crore has garnered significant interest from both retail and non-institutional investors. The IPO is set to conclude on July 14, and interested individuals can apply for it by clicking here.

Retail investors have displayed a strong demand by purchasing 10.08 times their designated quota, while employees have subscribed to 1.95 times their allotted shares by 3.30 PM on July 12. According to data from the Bombay Stock Exchange (BSE), the company had reserved 21 lakh shares for its employees, out of which 23 lakh shares have already been booked.

Utkarsh is offering its shares in the price range of Rs 23-25 per share. Established in 2016, the company commenced operations in 2017 and provides a diverse range of deposit products, including savings accounts, salary accounts, current accounts, recurring and fixed deposits, as well as locker facilities.

The funds generated from the fresh issue will be utilized to bolster the lender’s Tier-1 capital base, enabling it to meet future capital requirements. The book-running lead managers for the IPO are ICICI Securities and Kotak Mahindra Capital Company.

Open date	12 July 2023
Close date	14 July 2023
Lot size	600 shares
IPO size (Rs crore)	Rs 500 crore
IPO price range (Rs)	Rs 23 to 25 shares
Minimum investment	Rs 15,000
Basis of allotment date	19 July 2023
Refunds date	20 July 2023
Credit to demat account date	21 July 2023
Listing date	24 July 2023