The initial public offering (IPO) of Utkarsh Small Finance Bank will open for membership on July 12. The issue closes on July 14. It is expected that the shares company will be listed on both exchanges. On Monday, Utkarsh Small Finance Bank announced that it had set a price range for its Rs 500 million initial public offering (IPO) of Rs 23–25 per share.
Know about Utkarsh Small Finance Bank
- The Small Finance Bank (SFB) IPO, which has its headquarters in Varanasi, will open for public subscription on July 12 through July 14. The lender announced that bidding for anchor investors will begin on July 11.
- Utkarsh is hoping to raise Rs 500 crore through its Initial public offering, which is a totally new issue of value shares. The lender's Tier 1 capital base will be expanded with the proceeds of the new issue to meet future capital requirements.
- Investors can offer at least 600 equity shares and a product of 600 equity shares from there on. Since its inception in 2017, Utkarsh has offered a variety of deposit options, including lockers, salary accounts, current accounts, recurring and fixed deposits, and savings accounts.
- The lender had 830 banking locations serving 3.6 million customers in 26 states and Union Territories as of March 2023, primarily in rural and semi-urban areas in Bihar and Uttar Pradesh.
- As of March 31, 2023, the bank's gross loan portfolio had increased to Rs 13,957.11 crore, up from Rs 8,415.66 crore as of March 31, 2021.
- In fiscal 2023, its expenditures increased from Rs 5,914.01 crore in fiscal 2021 to Rs 12,442.89 crore. Likewise, stores flooded to Rs 13,710.14 crore from Rs 7,507.57 crore during the period. Post effective completion of the Initial public offering, Utkarsh would join the class of other little money banks, for example, AU Small Finance Bank, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Suryoday Small Finance Bank, to list on the stock exchanges.