Utkarsh Small Finance Bank made a strong debut on bourses on Friday, with an impressive 60 per cent premium against its issue price. The bank’s stock debuted at Rs 39.95 on BSE, up 59.8 per cent from its issue price of Rs 25 per share.
In the intraday session, Utkarsh Small Finance Bank hit an intraday high of Rs 47.94, up 20 per cent from its debut price, and 91.76 per cent higher from its issue price.
The price range for the offer was Rs 23-25 a share.
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The initial public offering (IPO) of the SFB witnessed the second-highest number of subscriptions after Ideaforge Technology this year. The bank’s IPO was subscribed 101.91 times from July 12 to July 14.
Qualified institutional buyers bought 124.85 times the allotted quota of shares in the initial issue, followed by high-net-worth individuals and retail investors buying 81.64 times and 72.11 times the shares allotted, respectively. Meanwhile, employees booked 16.58 times the shares of the small finance bank in the IPO.
Utkarsh Small Finance Bank, which started its operations in 2017, has now joined the league of other small finance banks, namely AU Small Finance Bank, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Suryoday Small Finance Bank, which are now listed on the stock exchanges.