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Ujjivan Small Finance Bank IPO subscribed 1.7 times on first day

Only 10% of the shares on offer were reserved for retail investors, against the usual 35%

Sundar Sethuraman  |  Mumbai 

IPO market

The initial public offering (IPO) of Small Finance Bank was subscribed 1.7 times on Monday, the first day of the IPO, buoyed by strong participation from retail investors.

The retail investor portion was subscribed nearly 9 times. However, only 10 per cent of the shares on offer were reserved for retail investors, against the usual 35 per cent.

The institutional investor portion was subscribed 0.24 times, and the high-net worth individuals portion was subscribed 0.44 times.

On Friday the company allotted shares worth Rs 303 crore to anchor investors. The allotment was made at Rs 37 per share.

The Government of Singapore, Monetary Authority of Singapore, CX Partners Fund, Aberdeen, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Sundaram Mutual Fund, Goldman Sachs India, and ICICI Prudential participated in the anchor investor bidding.

The closes on Wednesday. The price band for the issue is Rs 36 to Rs 37 per share. At the top-end, the Small Finance Bank will be valued at Rs 6,390 crore. The company is valued at nearly twice its estimated book value of 2019-20.

Microfinance lender Financial Services is the holding company of

First Published: Mon, December 02 2019. 23:56 IST
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