The initial public offering of Utkarsh Small Finance Bank has received a stunning response from investors who now are keenly awaited the share allotment. The basis of the allotment of IPO shares will be finalised by the end of July 19. The participants can check their allotment status either on the BSE website or the portal of the IPO registrar.
On the BSE website,
a) Select type 'Equity' and issue name 'Utkarsh Small Finance Bank Limited'
b) Enter either 'Application Number' or 'PAN Number'
c) Check box (I am not a robot) and finally click on the 'Search' button
On the IPO registrar portal,
a) Select the IPO name 'Utkarsh Small Finance Bank Limited'
b) Select and accordingly enter either 'Application Number', or 'Demat Account Number', or 'PAN Number'
c) Enter 'Captcha' and finally click on 'Submit' button
Considering the huge subscription numbers, all investors may not get the shares. The shares will be distributed proportionately and the investors, who are eligible for the allotment, will get at least one lot (600 shares).
The eligible investors will get shares in their demat account by July 21 and the refunds will be credited to bank accounts of unsuccessful investors by July 20.
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The Rs 500-crore public issue of the small finance bank was oversubscribed by 101.91 times, becoming the second to show such huge subscription numbers after Ideaforge Technology which was booked over 106 times.
We have seen great demand for the issue from all kinds of investors with qualified institutional buyers buying 125 times the allotted quota, high networth individuals 81.64 times, retail investors 72.11 times and employees 16.58 times.
Varanasi-based Utkarsh Small Finance Bank will make its debut on the bourses on July 24. This would be the fifth small finance bank listed on the BSE and NSE, after AU Small Finance Bank, Suryoday Small Finance Bank, Ujjivan Small Finance Bank and Equitas Small Finance Bank.
Its shares traded at a 60 percent premium to the expected final issue price of Rs 25 per share in the grey market, analysts said on anonymity. Healthy subscription numbers, strong equity market conditions and better financial performance with a healthy liquidity profile and cost-efficient risk management with improving asset quality are some of the key reasons for strong premium.
The grey market is an unofficial market wherein the shares can be bought and sold till the listing on the BSE and NSE.
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Generally, investors look at grey market premiums to know the possible listing price of any IPO.
Utkarsh Small Finance bank, which recorded the third fastest gross loan portfolio (GLP) growth of 31 percent CAGR during FY19-FY23 with GLP of over Rs 6,000 crore, has operations across 26 states and union territories with 830 banking outlets serving around 3.6 million customers.
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