Utkarsh Bank secures Rs 222.75Cr through anchor book before IPO
Varanasi-based Utkarsh Small Finance Bank successfully secured Rs 222.75 crore from 20 anchor investors on July 11, prior to the launch of its upcoming initial public offering (IPO).
According to the company’s filing with the exchanges, it allocated a total of 8.91 crore equity shares to the anchor investors at an upper price band of Rs 25 per share.
Among the notable participants in the anchor book were prominent names such as SBI Mutual Fund, ICICI Prudential, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Goldman Sachs Funds, SBI Life Insurance Company, Edelweiss Trusteeship, Founders Collective Fund, and AG Dynamics Funds.
Utkarsh Small Finance Bank aims to raise Rs 500 crore through its public issue, exclusively comprising fresh shares. Consequently, the entirety of the funds, excluding issue expenses, will be utilized to strengthen its Tier-1 capital base, meeting future capital requirements.
The subscription for the IPO will open on July 12 and close on July 14, with a price band set between Rs 23 and Rs 25 per share.
To ensure equitable distribution, the small finance bank has reserved 75 percent of the offer for qualified institutional buyers, 15 percent for high net worth individuals, and the remaining 10 percent for retail investors.
About Utkarsh Small Finance Bank:
Incorporated in 2016, Utkarsh Small Finance Bank 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.
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