Utkarsh SFB's offer is second IPO to be subscribed over 100x in a fortnight

Sold 102 times, attracts bids over Rs 30,000 cr as institutional portion is subscribed 125x

Utkarsh Small Finance Bank's IPO garnered more than 100 times subscription on Friday. This is the second offering in the past fortnight to garner 100x subscription after ideaForge Technology, whose shares had nearly doubled on listing. Utkarsh SFB IPO attracted bids worth over Rs 30,000 crore. The institutional investor portion of the issue was subscribed 125 times, high networth individual (HNI) portion 82 times and retail investor portion 72 times. Overall subscription was about 102 times, data provided by stock exchanges showed. Investment bankers said the IPO has attracted over 2 million applications from retail investors and the probability of getting an allotment could be 1 in 60. Through the IPO, Utkarsh has raised Rs 500 crore in fresh capital , which will be used for augmenting the bank’s tier-1 capital base. The company had priced its share in the range of Rs 23-25 apiece in the IPO. At the top-end, the company will have a market cap of Rs 2,740 crore on a post-dilution basis, about 1.4 times its book value.