Utkarsh Small Finance Bank, one of the top small finance institutions in India, 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 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.
Additional Information:
- MD and CEO: Mr. Govind Singh
- Headquartered: Varanasi, Uttar Pradesh
- Established: 2015