The initial public offering (IPO) of Ujjivan Small Finance Bank was subscribed 1.62 times on the first day of bidding on Monday. The IPO received bids for 20,14,25,600 shares against the total issue size of 12,39,58,333 shares, translating into a subscription of 1.62 times, according to data available with the National Stock Exchange (NSE).
The category reserved for qualified institutional buyers (QIBs) was subscribed 23 per cent, non-institutional investors 43 per cent and retail individual investors 8.61 times. The IPO is of up to Rs 750 crore.
Ujjivan Small Finance Bank mopped up Rs 303.75 crore from anchor investors, according to a statement by the company. 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, ICICI Prudential participated in the anchor investor bidding.
The price range for the offer, which is scheduled to close on Wednesday, has been fixed at Rs 36-37 per share. Kotak Mahindra Capital Company, JM Financial, and IIFL Securities are managing the offer. Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.