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Utkarsh SFB retains momentum, IPO shares trade in green in the grey market

Finally, the much-awaited listing of Utkarsh Small Finance Bank equity shares will take place on July 24.

July 18, 2023 / 06:41 IST
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Utkarsh Small Finance Bank IPO
Utkarsh Small Finance Bank IPO

Varanasi-based Utkarsh Small Finance Bank has received overwhelming response from investors for its initial public offering which closed with more than 100 times subscription last week. As a result, it maintained healthy premium in the grey market for a week now and ahead of listing next week.

The Rs 500-crore public issue of the small finance bank was subscribed 101.91 times during July 12-14. This was the second highest subscription number this calendar year after the Ideaforge Technologies IPO was subscribed over 106 times.

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As is usually seen in blockbuster IPOs, qualified institutional investors took a lead and subscribed 125 times the allotted quota. The portion set aside for high net-worth individuals was subscribed 81.64 times, and that of retail investors 72.11 times, while employees, too, remained aggressive in bidding, as their part was booked 16.58 times.

The IPO comprises only fresh issues. The company plans to use the proceeds of the listing (excluding issue expenses) in augmenting the Tier - 1 capital base to meet future funds requirement.