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Utkarsh Small Finance Bank IPO opened on 12th July

Utkarsh Small Finance Bank IPO will begin accepting subscriptions this week. Having a presence across all of India, Utkarsh Small Finance Bank is one of the top small finance institutions. The bank is promoted by Utkarsh CoreInvest Ltd, which started operating as an NBFC in Fiscal 2010 and concentrated on offering microloans to underserved and unserved areas, primarily in the states of Uttar Pradesh and Bihar.

The lender had previously submitted a draft red herring prospectus (DRHP) in July 2021 in order to raise ₹1,350 crore, which would have come from a new issue for ₹750 crore and an offer for sale (OFS) by its the owner Utkarsh Coreinvest for ₹600 crore.

Here are the key things to know about Utkarsh Small Finance Bank IPO:

  • Utkarsh Small Finance Bank is planning to raise ₹500 crore through an IPO. The IPO will open on July 12 and close on July 14.
  • The price band for the IPO is ₹23 to ₹25 per share. The minimum bid lot is 600 shares.
  • The anchor investors’ auction will begin on July 11. The proceeds from the IPO will be used to improve the bank’s tier I capital base and meet future capital needs.
  • The IPO is entirely a fresh issue of equity shares with no offer for sale (OFS) component.
  • The book running lead managers of the public offering are ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd. The registrar to the issue is KFin Technologies Ltd.
  • The sole promoter of the bank is Utkarsh CoreInvest Limited. The promoter and its nominees collectively held 84.75% of the pre-Issue issued.
  • The company has reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors.

Important takeaways for all competitive exams: 

  • Utkarsh Small Finance Bank MD and CEO: Mr. Govind Singh;
  • Utkarsh Small Finance Bank Headquartered: Varanasi, Uttar Pradesh;
  • Utkarsh Small Finance Bank Established: 2015.

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