Microfinance firm Ujjivan's IPO subscribed 83% on second day
Ujjivan's issue, which is scheduled to close on May 2, comprises fresh issuance of shares worth Rs 358.16 crore and an offer for sale (OFS) of up to 24,968,332 shares by the existing shareholders.
The IPO of microfinance player Ujjivan Financial Services got subscribed 83% on the second day of the offer on Friday.
The Rs 885-crore public issue received bids for 2,43,26,820 shares against the total issue size of 2,96,63,706 shares, as per data available with stock exchanges till 1900 hours.
The qualified institutional buyers (QIBs) category was subscribed 63%, while non-institutional investors' quota was 33%.
The portion set aside for retail investors was oversubscribed by 1.15%. These figures are based on the upper price band of Rs 210 per share.
Ujjivan's issue, which is scheduled to close on May 2, comprises fresh issuance of shares worth Rs 358.16 crore and an offer for sale (OFS) of up to 24,968,332 shares by the existing shareholders. Price band for the offer has been fixed at Rs 207-210.
Ujjivan has raised nearly Rs 265 crore from anchor investors by selling shares at a price of Rs 210 a piece.
The company, which has already received an in-principle nod to set up a small finance bank (SFB), would be the second microfinance firm to go public this fiscal. Another microfinance firm Equitas Holdings came out with its initial public offering (IPO) earlier this month. This is also the third microfinance firm to go public.
The share sale would help Ujjivan bring down the foreign shareholding to around 45% from the current 77%, which is required as per the Reserve Bank of India (RBI) guidelines for setting up a small finance bank (SFB).
The issue is being managed by Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
09:42 AM IST