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Utkarsh SFB raises ₹223cr from Anchor Investor

July 13, 2023

Utkarsh SFB raises ₹223cr from Anchor Investor
Utkarsh Small Finance Bank on Tuesday said it has mobilised ₹223 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Wednesday. 

The company has decided to allot 8.91 crore equity shares to 20 funds at ₹25 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.
 
Goldman Sachs, Massachusetts Institute of Technology Basic Retirement Plan Trust, Aditya Birla Sun Life Mutual Fund (MF), Edelweiss MF, ICICI Prudential MF, and Kotak Mahindra MF are among the anchor investors. 
 
Utkarsh is looking to raise ₹500 crore through its IPO, which is a completely fresh issue of equity shares. The issue, with a price band of ₹23-25 a share, will open for public subscription from July 12-14. Proceeds from the fresh issue will be utilised to augment the lender’s tier 1 capital base to meet future capital requirements.
 
Investors can bid for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter. 
 
Utkarsh commenced operations in 2017 and its product suite includes a range of deposit products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities.
 
As of March 2023, the lender’s operations were spread across 26 states and union territories with 830 banking outlets serving 3.6 million customers majorly located in rural and semi-urban areas, primarily in Bihar and Uttar Pradesh.
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