Ujjivan Financial Services was listed at the exchanges at Rs 231.90 per share up, 10.4 percent over its issue price of Rs 210 per share. Price band for microfinance player's offer was fixed at Rs 207-210 and was open for subscription from April 28-May 2.
The Rs 885-crore IPO of Ujjivan Financial Services was oversubscribed nearly 41 times earlier this month.
Ujjivan's issue comprised fresh issuance of shares worth Rs 358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders.
The company, which has already received in-principle nod to set up a small finance bank, is the second microfinance firm to go public this fiscal. Another microfinance firm Equitas Holdings came out with its IPO last month. The company provides collateral free, small ticket-size personal as well as business loans to women borrowers. The company also provides individual loans to Micro & Small Enterprises (MSEs). Most of the assets under management (AUM) of the company fall under the priority sector lending norms of RBI.
The company plans to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirement
This is also the third microfinance firm to go public.
The issue was managed by Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings.