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Ujjivan Small Finance Bank pips parent Ujjivan Financial Services in market capitalisation, rises 70% over issue price

Ujjivan Small Finance Bank stock made listing gain of 58.78%, opening at Rs 58.75 compared to the issue price of Rs 37 on NSE

Aseem Thapliyal        Last Updated: December 12, 2019  | 16:05 IST
Ujjivan Small Finance Bank pips parent Ujjivan Financial Services in market capitalisation, rises 70% over issue price
Share of Ujjivan Small Finance Bank stock was trading 5.11% lower at Rs 55.75 compared to its opening price on NSE

Ujjivan Small Finance Bank's market capitalisation went past that of parent Ujjivan Financial Services on the first day of trading today. The small finance bank, which listed at a premium of 59% over issue price on NSE today, surpassed the market cap of Rs 10,000 crore in early trade today. Its parent Ujjivan Financial Services' market capitalisation stood around Rs 4,000 crore in afternoon trade. At 3:00 pm, market cap of Ujjivan Small Finance Bank share stood at Rs 9,678 crore.

Also read: Missed allotment of Ujjivan Small Finance Bank shares? Here's what you should do

The initial public offer (IPO) of Ujjivan Small Finance Bank was carried out in the price band of Rs 36- Rs 37 per share. Ujjivan Small Finance Bank stock made listing gain of 58.78%, opening at Rs 58.75 compared to the issue price of Rs 37 on NSE. The stock rose further to hit intra day high of Rs 62.80 (70% over issue price) on the stock exchange.

At 2:23 pm, the stock was trading 5.11% lower at Rs 55.75 compared to its opening price on NSE. On BSE, the stock was trading at Rs 56.05, 3.36% lower than its opening price of Rs 58. The IPO which opened on December 2 was subscribed 166 times on the final day of bidding. 

Against the issue size of 12.39 crore shares, Ujjivan Small Finance Bank IPO received bids for 2,053.5 crore share. Ujjivan Small Finance Bank IPO received bids for around Rs 76,000 crore.

Also read: Ujjivan Small Finance Bank stock lists at 59% premium to issue price

The portion allocated for retail investors was subscribed 48.67 times. Shareholders of the parent firm Ujjivan Financial Services Limited were given a discount of Rs 2 per equity share on the issue price. The quota reserved for qualified institutional buyers saw 110.72 times subscription and non institutional investors put in bids for 473 times for the portion of shares reserved for them. Subscription for the IPO was available in lots of 400 equity shares and in multiples of 400 shares thereafter.

Lead managers for the IPO were IIFL Holdings Limited, JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited.

Parent firm microfinance lender Ujjivan Financial Services was listed in 2016, after getting an in-principle licence from the Reserve Bank of India to start a small finance bank. Ujjivan Financial Services IPO was held from April 28, 2016 to May 2, 2016.  4.2 crore shares of the firm were on offer in a price band o f Rs 207-Rs 210 per share. Shares of the firm were available in lot size of 70 and their multiples thereof. The issue was subscribed 40.64 times on final day.

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