Utkarsh Small Finance Bank s IPO was subscribed 82.68 times on Day 3 so far. QIBs subscribed 93.29 times, NIIs 76.61 times, retail investors 66.80 times.
The retail portion of the IPO was subscribed 26.6 times, while that of NIIs was subscribed 16.58 times. The subscription for the QIB category, which was muted on Day 1, stood at 1.45 times on Day 2.
Utkarsh Small Finance Bank s IPO opens on July 12 and ends on July 14, with a price band of ₹23 to ₹25 per share. The bank raised ₹222.75 crore from anchor investors. Brokerages recommend subscribing to the IPO for listing gains and long-term investment.
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.
Utkarsh Small Finance Bank is launching an IPO of fresh issue shares worth INR500 crore ($67m) to increase its Tier 1 capital base in order to meet future requirements. The bank was established in 2016 and began operations the following year, offering a range of deposit products to three million customers mostly located in rural areas.