Utkarsh Small Finance Bank IPO: From key dates to price band, all you need to know
₹23–25 per share. The ₹500 crore IPO will open for subscription on Wednesday, July 12 and end on Friday, July 14. On Tuesday, July 11, the anchor investors' auction will begin.
On Wednesday, July 19, the allotment will take place and on Thursday, July 20, the shares will be credited to the allottees' demat accounts. On Monday, July 24, the stock is scheduled to begin trading on exchanges. Utkarsh Small Finance Bank IPO is entirely a fresh issue of equity shares aggregating up to ₹500 crore with no offer for sale (OFS) component, according to the red herring prospectus (RHP).
The face value of each equity share is ₹10. To improve its bank's tier I capital base and meet future capital needs, the issue's proceeds will be put to use. Its tier-1 capital base was ₹1,844.82 crore, or 18.25 percent, as of March 2023.
The book running lead managers of the public offering are ICICI Securities Ltd, and Kotak Mahindra Capital Company Ltd, whereas the registrar to the issue is KFin Technologies Ltd. The lender had previously submitted a draft red herring prospectus (DRHP) in July 2021 in order to raise ₹1,350 crore, which would have come from a new issue for ₹750 crore and an offer for sale (OFS) by its the owner Utkarsh Coreinvest for ₹600 crore. However, it submitted amended draft papers for the IPO with SEBI in August 2022 and reduced the issue size by 63 percent to collect ₹500 crore through the IPO.
Initially, the lender intended to raise ₹1,350 crore through the IPO. The sole promoter of the bank is Utkarsh CoreInvest Limited, formerly known as Utkarsh Micro Finance Limited. The promoter and its nominees collectively held 759,272,222 equity shares as of the date of the Red Herring Prospectus, or 84.75% of the pre-Issue
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