Ujjivan Small Finance Bank IPO was subscribed 69% within few hours of its opening today. The IPO of the microfinance lender received bids for 8,61,04,400 shares compared to the issue size of 12,39,58,333 shares. Of 8.61 lakh bids received for the issue, 6,70,24,400 bids were received at cut off price.
The IPO will close on December 4. UjjivanSmall Finance Bank is the subsidiary of microfinance services firm Ujjivan Financial Services which was listed on bourses in 2016.
Shareholders of Ujjivan Financial Services will get a discount of Rs 2 per share on the issue price. Bids can be placed in a price band of Rs 36-37. The proposed date for listing of thebank on bourses is December 12.
On Saturday, the bank raised Rs 303.75 crore from anchor investors. 18 anchor investors got allotment of 8,20,94,594 shares at Rs 37 per piece. Bids for the IPO can be placed in a lot size of 400 shares and its multiples thereafter.
The bank plans to raise up to Rs 750 crore throughthe IPO. Lead managers for the IPO are IIFL Holdings Limited, JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited.
By Aseem Thapliyal