Utkarsh Small Finance Bank listing advanced: Check revised date, latest GMP & other details

Shares of Utkarsh Small Finance Bank (SFB) are expected to get listed on Friday. The NBFC lender has preponed its listing date to July 21 from earlier July 24. The initial public offering (IPO) of Utkarsh SFB received massive response from investors, getting subscribed more than 100 times. The Rs 500-crore initial share sale was sold in the range of Rs 23-25 apiece. The primary sale was entirely a fresh sale of 20 crore equity shares.

A majority of brokerages gave 'Subscribe' rating to the IPO with a long-term view, citing its attractive pricing. Although, a few also flagged geographical concentration as a key threat to its business.

Grey market price (GMP)

In the grey market, Utkarsh SFB shares were last seen trading at over 63 per cent premium against its issue price of Rs 25, suggesting a strong Dalal Street debut.

Utkarsh SFB received 12,28,46,22,600 bids compared to the issue size of 12,05,43,477 shares, BSE data showed. The quota for qualified institutional buyers (QIBs) saw the maximum push and was booked 124.85 times. The non-institutional investor (NIIs) category fetched 81.64 times of the total bids. The portion reserved for retail investors was booked 72.10 times and the employee reserved category got 16.58 times subscription.

ICICI Securities and Kotak Mahindra Capital were the book-running lead managers to the issue, while Kfin Technologies was appointed as the registrar.

The Varanasi-based firm has operations across 26 states and Union Territories with 830 banking outlets and 15,424 employees as of March 31, 2023. It had a 3.59 million customer base majorly located in rural and semi-urban areas primarily in Bihar and Uttar Pradesh.

Incorporated in 2016, Utkarsh SFB recorded the second-fastest AUM (Asset under management) growth in the years financial year (FY) 2018-19 and FY 2021-2022. The private lender has an AUM of more than 6,000 crore.

Check allotment status

Investors, who had bid for the issue, can check the allotment status on the BSE website, www.bseindia.com/investors/appli_check.aspx. Check the equity option under issue type and select the company name from the dropbox. Then, fill in the application number and PAN ID to check the allotment status.

The second alternative to check the allotment status is via visiting the registrar's portal, which is KFin Technologies Ltd: https://kosmic.kfintech.com/ipostatus.