Usha Financial Services IPO: SME Issue of Rs 98.45 Cr To Open On 24th October

Prominent Non-Banking Financial Company (NBFC) Usha Financial Services Limited (UFSL) is getting ready for its Initial Public Offering (IPO) on October 24th, which will commence with anchor bidding on October 23 and close on October 28. With an issue size of Rs 98.45 crore, the IPO's price band of Rs 160 to Rs 168 corresponds to the company's aggressive expansion goals. In September 2024, Usha Financial Services Limited (UFSL) accomplished a successful private placement of Rs 200 million in Non-Convertible Debentures (NCDs).

Geeta Goswami, CEO of UFSL, said "This successful NCD issuance reflects the trust our investors have in our business model and growth plans. The additional funds will allow us to enhance our service offerings and keep us on track to achieve our 2025 AUM target."

The book-built Usha Financial Services IPO consists of a fresh issue of 58.6 lakh shares. The subscription period for the Usha Financial Services IPO begins on October 24, 2024, and ends on October 28, 2024. On Tuesday, October 29, 2024, the share allotment for the Usha Financial Services' initial public offering is anticipated to be completed. The proposed listing date for the Usha Financial Services initial public offering (IPO) is Thursday, October 31, 2024, on the NSE SME platform.

The book-running lead managers of the Usha Financial Services IPO are Narnolia Financial Services Ltd and Unistone Capital Pvt Ltd, and the registrar is Skyline Financial Services Private Ltd whereas Ss Corporate Securities is the market maker for Usha Financial Services IPO.

Applications require a minimum lot size of 800 shares, whereas HNI investments require a minimum lot size of two lots of 1,600 shares.

Approximately 370 investors have contributed over Rs 1,000 million to UFSL since its founding, demonstrating both the company's solid financial performance and investor trust. Building on its March 2024 AUM of Rs 3,060 million, UFSL aims to reach an Asset Under Management (AUM) of Rs 5,500 million by March 2025 with the help of its most recent capital injection.

"UFSL's long-standing commitment to financial inclusion, offering diverse solutions across micro-finance, green financing, and affordable housing. The upcoming IPO will further strengthen its position in the market and support its mission of driving sustainable economic growth," added Geeta Goswami.

Based in Delhi, Usha Financial Services Limited is an NBFC regulated by the RBI that specialises in offering cutting-edge financial solutions offering a vast array of solutions customised to meet the requirements of both individuals and businesses, UFSL is a key player in advancing financial empowerment and environmental responsibility throughout India. In keeping with its expansion plan, UFSL keeps expanding its portfolio to include consumer finance, affordable housing, and MSME financing, all the while putting sustainability first through its Green Financing programs. By serving more than 25,000 customers, the company aims to boost that number to 50,000 by March 2025, therefore promoting financial inclusion in India.