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Ujjivan Small Finance Bank IPO to open on December 2, price band fixed at Rs 36-37 per share

Ujjivan Small Finance Bank IPO: Bids for the issue can be placed for a minimum of 400 equity shares and in multiples of 400 shares thereafter

twitter-logo BusinessToday.In        Last Updated: November 27, 2019  | 18:54 IST
Ujjivan Small Finance Bank IPO to open on December 2, price band fixed at Rs 36-37 per share
Ujjivan Small Finance Bank aims to raise Rs 750 crore through the IPO

The initial public offer (IPO) of Ujjivan Small Finance Bank will open on December 2 for which price band has been fixed at Rs 36-Rs 37. The bank aims to raise Rs 750 crore through the issue. Bidding for the IPO will close on December 4. The proposed date for listing of the bank on bourses is December 12.

Also read: CSB Bank IPO subscribed 7.31 times on day 3

Shareholders of the parent firm Ujjivan Financial Services Limited will be eligible for a discount of Rs 2 per equity share on the issue price. Bids for the issue can be placed for a minimum of 400 equity shares and in multiples of 400 shares thereafter. Microfinance lender Ujjivan Financial Services went public in 2016, after getting an in-principle licence from the Reserve Bank of India to start a small finance bank.

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

The bank  had filed draft papers with Sebi in August and  obtained the regulator's observations on October 16. The proceeds of the issue will be utilised towards augmenting the company's capital base to meet future requirements.

Also read: OYO Rooms reports six-fold rise in losses to Rs 2,384 crore; IPO dream suffers setback

Ujjivan Financial Services had raised Rs 300 crore in February from a clutch of investors, including HDFC Life and Sundaram MF, in a pre-IPO placement. The funding valued the company at around Rs 2,000 crore. After listing on BSE and NSE, Ujjivan Small Finance Bank will join peers like AU Small Finance Bank.

By Aseem Thapliyal

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