Utkarsh Small Finance Bank Rings the Bell of Success on Debut; shares close 92% over issue price
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Varanasi-based Utkarsh Small Finance Bank Ltd recorded the second fastest AUM growth between Fiscal 2019 and Fiscal 2022 among SFBs with AUM of more than Rs 5000 crore has, made a strong debut on the exchanges to close over 92% premium.
The scrip listed at Rs 39.95 per share on BSE and at Rs 40 per share on NSE, at a premium of 59.80% and 60% respectively. The company's share price closed at Rs 47.94 per share on the BSE, a 91.76% premium, and at Rs 48 per share on the NSE, a 92% premium.
As per NSE, the total quantity traded stood at 2654.61 lakh shares, on BSE the total Quantity stood at 151.58 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1213.36 crore.
The Market Capitalization of the Company at today’s closing price stood at Rs. 5,253.77 Crore as per BSE and Rs. 5260.34 Crore as per NSE.
Promoted by Utkarsh CoreInvest Limited, which commenced its operations as a NBFC in Fiscal 2010 and focused on providing microfinance to unserved and underserved segments particularly in the states of Uttar Pradesh and Bihar, according to the CRISIL report. After receiving RBI In-Principle Approval in October 2015 to establish an SFB, Utkarsh CoreInvest Limited founded Utkarsh Small Finance Bank Limited as a wholly-owned subsidiary in April 2016. Utkarsh CoreInvest Limited transferred its microfinance business as a continuing concern to its Bank, which started operating in January 2017, after acquiring the RBI Licence in November 2016 to establish and carry on business as an SFB.
As on March 31, 2022, its operations are spread across 22 states and Union Territories with 686 banking outlets and 12617 employees serving 3.14 million customers majorly located in rural and semi urban areas primarily in the states of Bihar, Uttar Pradesh and Jharkhand. It also offers diversified liabilities products at competitive rates targeted primarily at retail customers from all segments led by senior citizens, middle-class individuals and self-employed and salaried individuals.
ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the book running lead managers, while KFin Technologies Limited is the registrar to the offer.
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