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Ujjivan Small Finance Bank IPO Oversubscribed on 1st Day of Bidding Itself

The Ujjivan Small Finance Bank IPO has received bids for 12.92 crore equity shares on Day 1 so far, against the issue size of 12.39 crore shares, excluding the anchor portion.

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Updated:December 3, 2019, 8:56 AM IST
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Ujjivan Small Finance Bank IPO Oversubscribed on 1st Day of Bidding Itself
NSE (National Stock Exchange) building is seen in Mumbai. (Photo: Reuters/Shailesh Andrade)

Ujjivan Small Finance Bank’s initial public offering (IPO) opened for subscription on Monday, December 2, and has already been subscribed 1.05 times even before the end of the first day of bidding.

The Ujjivan Small Finance Bank IPO has received bids for 12.92 crore equity shares on Day 1 so far, against the issue size of 12.39 crore shares (excluding the anchor portion), according to a Moneycontrol report.

The retail investor portion has been subscribed by six times already. The reserved category of non-institutional investors has been subscribed 19%, while that of qualified institutional buyers (QIBs) has been subscribed 3%.

The Ujjivan Small Finance Bank issue has also reserved shares worth Rs 75 crore for eligible shareholders of Ujjivan Financial Services. That portion has been subscribed 47%, according to the report. For those unaware, Ujjivan Financial Services is the promoter of Ujjivan Small Finance Bank. Its shareholding in Ujjivan Small Finance Bank would reduce to 83.3%after the IPO.

The public issue comprisesfresh issuance of shares worth Rs 750 crore. The IPO will close on December 4. The company has fixed a price band of Rs 36-37 per share for the IPO. Investors need to put in bids for a minimum 400 equity shares, and in multiples of 400 thereafter.

The bank has already garnered Rs 303.75 crore from anchor investors including marquee names like the Government of Singapore, Goldman Sachs India, HDFC Life Insurance Company etc.

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