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Ujjivan Small Finance Bank IPO To Open On 2 December

By Staff
|

Ujjivan Financial Services has decided to launch the IPO (initial public offering) of its subsidiary, Ujjivan Small Finance Bank, on 2 December 2019. The issue price band has been fixed at Rs 36-37 per share after consultation with merchant bankers.

 

The holding company plans to raise Rs 750 crore through the fresh issue.

Ujjivan Small Finance Bank IPO To Open On 2 December

The IPO will close on 4 December. Bids will have to be made for a minimum of 400 shares and in multiples of 400, thereafter.

The small finance bank had received approval from SEBI for the IPO in October. Earlier this month, it raised Rs 250 crore in a pre-IPO round.
Kotak Mahindra Capital Company, IIFL Securities and JM Financial have been appointed as book-running lead managers to the issue.

The proposed issue includes a reservation of equity shares aggregating up to around Rs 75 crore for eligible shareholders of Ujjivan Financial Services at a discount of Rs 2 per share.

The IPO's Red Herring Prospectus said that proceeds of the fresh issue would be utilised towards augmenting its Tier-1 capital base to meet future requirements and issue expenses.

 

Shares of Ujjivan Financial Services, the holding company, rose over 4 percent to Rs 328 on Wednesday.

Read more about: ujjivan small finance bank ipo
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