Utkarsh Small Finance Bank IPO To Open On Jul 12; Sets Price Band At Rs 23-25/Share - News18
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Last Updated: July 10, 2023, 13:32 IST Utkarsh Small Finance Bank on Monday said it has fixed a price band of Rs 23-25 a share for its Rs 500-crore initial public offering (IPO). The Varanasi-headquartered small finance bank’s (SFB) IPO will open for public subscription during July 12-14. The bidding for anchor investors will open on July 11, the lender announced. Utkarsh is looking to raise Rs 500 crore through its IPO, which is a completely fresh issue of equity shares. Proceeds from the fresh issue will be utilized 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 state