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Utkarsh SFB Bank IPO to hit street soon

July 11, 2023

Utkarsh SFB Bank IPO to hit street soon
Utkarsh Small Finance Bank is all set to launch an initial public offer (IPO) on Wednesday, July 12. The IPO of Utkarsh SFB a Varanasi, Uttar Pradesh-based small finance bank comprises fresh issuance of shares worth ₹500 crore. 

The bidding process will take place for three trading days, from July 12 to July 14, from 10 am to 5 pm. The basis of allotment is likely to be finalized on July 19 and the credit of shares on July 21. Utkarsh SFB shares are likely to enter the listed space on July 24.   
 
Using the three-day-long subscription window, potential investors will be able to bid for Utkarsh Small Finance Bank shares in a range of ₹23-25 apiece. 
 
Bidding will be available in multiples of 600 shares, subject to certain limits. That translates to ₹13,8000-15,000 per lot. 
 
Up to 75 percent of the issue is reserved for qualified institutional buyers (QIBs), up to 15 percent for non-institutional investors also known as high-net-worth individuals and the remaining 10 percent for retail investors.
 
Utkarsh Small Finance Bank registered a net profit of ₹404.5 crore for the financial year 2022-23 as against a net profit of ₹61.5 crore for the previous year, according to its red herring prospectus. Its total income increased 37.9 percent to ₹2,804.3 crore for the year ended March 31, 2023 compared with the year-ago period.
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