Utkarsh Small Finance Bank, the fifth small finance bank to be listed, has launched an initial public offer of INR5bn ($66m). The funding will enable the bank to expand its business over the next two years, according to managing director Govind Singh. The shares are priced at between INR23 and INR25, with a face value of INR10. Jana and Fincare are among other small finance banks looking to raise equity via a public offering.
The company, which is backed by Warburg Pincus and Faering Capital, had filed preliminary papers with Sebi on April 12 to raise funds through an initial public offering (IPO).