Utkarsh Small Finance Bank receives IPO approval

27 Oct 2022 , 09:30 AM

The capital markets regulator, Sebi, has granted permission for Utkarsh Small Finance Bank to raise Rs500 crore through an IPO.

According to the Draft Red Herring Prospectus(DRHP), the IPO of the Varanasi-based Small Finance Bank (SFB) is a complete new issue of shares, with the entire proceeds going to the institution.

In a pre-IPO placement transaction, the lender may explore issuing securities totaling up to Rs 100 crore.

The Securities and Exchange Board of India (Sebi), with whom the SFB filed new draft papers in August, received its observation letter on October 21.

Utkarsh, which was incorporated in 2016 and began operating in 2017, offers a variety of deposit products, including savings accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities.

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