Utkarsh Small Finance Bank shares surge 92% on market debut

Shares of Utkarsh Small Finance Bank on Friday made a strong equity market debut and ended with a huge premium of 92 per cent over the issue price of Rs 25.

The stock began the trade at Rs 39.95 apiece, registering a jump of 59.8 per cent on the BSE. Shares of the company zoomed 91.76 per cent to settle at Rs 47.94.

On the NSE, it listed at Rs 40, up 60 per cent from the issue price. The stock ended at Rs 48, up 92 per cent.

The company commanded a market valuation of Rs 5,253.77 crore on the BSE.

On Friday, the 30-share BSE Sensex fell 887.64 points or 1.31 per cent to finish at 66,684.26 points while the NSE Nifty tumbled 234.15 points or 1.17 per cent to settle at 19,745 points.

The Initial Public Offering (IPO) of Utkarsh Small Finance Bank was a huge hit among investors as it got subscribed 101.91 times on the last day of the offer.

The price range for the offer was Rs 23-25 a share.

The company commenced operations in 2017.

Utkarsh has joined the league of other small finance banks such as AU Small Finance Bank, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Suryoday Small Finance Bank to list on the stock exchanges.