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Ujjivan Small Finance Bank Shares List at 57% Premium Over Issue Price

Ujjivan Small Finance Bank shares trimmed some of those gains to trade at Rs 55.85. The stock hit a high of Rs 62.80 and a low of Rs 53.10 during the session.

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Updated:December 12, 2019, 2:36 PM IST
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Ujjivan Small Finance Bank Shares List at 57% Premium Over Issue Price
Image for representation. (Photo: Reuters)

Ujjivan Small Finance Bank Ltd made a stellar debut on stock exchanges on Thursday, December 12, with the shares listing at Rs 58, a nearly 57% premium to the issue price of Rs 37.

At 1:19pm, Ujjivan Small Finance Bank shares trimmed some of those gains to trade at Rs 55.85. The stock hit a high of Rs 62.80 and a low of Rs 53.10 during the session.

A strong listing was expected after the Rs 750 crore Ujjivan Small Finance Bank IPO (initial public offering) saw hefty subscription of 166 times, becoming the highest subscribed IPO since January 2018. The category meant for qualified institutional buyers (QIBs) was subscribed 111 times, non-institutional investors (NIIs) category witnessed a subscription of 473 times, while the same for retail investors stood at over 49 times.

According to reports, the grey market premium on the Ujjivan Small Finance Bank stock had also increased to Rs 25-29 per share near the time of its listing.

Earlier, brokerages had given positive reviews to the Ujjivan Small Finance Bank IPO and advised investors to subscribed to the issue due to its attractive pricing and improving asset quality.

The issue was open from December 2 to December 4 at a price band of Rs 36-37 per share in a lot size of 400 shares. The bank said it will utilize the net proceeds from the issue towards augmenting its tier-1 capital base to meet its future capital requirements.

Even before the issue opened, Ujjivan Small Finance Bank had 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.

Ujjivan Small Finance Bank offers all banking products with main focus on lending to micro banking segment. As of 30 September 2019, its operations were spread across 24 states and union territories with 552 banking outlets and 441 ATMs.

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