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Ujjivan Small Finance Bank IPO To Open On Monday

Ujjivan Small Finance Bank or USFB will launch its initial public offer (IPO) for subscription on December 2. The public offering will be open for subscription for three days from December 2 to December 4. The bank has fixed issue price band at Rs. 36-37 per share. Ahead of the IPO, USFB raised Rs. 250 crore in a pre-IPO round earlier this month. Ujjivan Small Finance Bank has branches across 24 states and a customer base of 49 lakh as of September 30, 2019. The bank's parent microfinance lender Ujjivan Financial Services went public in 2016 after receiving an in-principle licence from the Reserve Bank of India to start a small finance bank.

Here's you need to know about the Ujjivan Small Finance Bank IPO:

The IPO of Ujjivan Small Finance Bank comprises a fresh issue of equity shares aggregating up to around Rs. 750 crore for subscription, and a portion of the issue, aggregating up to Rs. 75 crore has been made available for the eligible Ujjivan Financial Services (UFSL) shareholders on a proportionate basis.

"For this purpose, individuals and HUFs (Hindu Undivided Families) who are the public equity shareholders of UFSL as on the date of the red herring prospectus (RHP) which is, November 22, 2019 are the eligible UFSL shareholders," the bank said in a regulatory filing.

These shareholders will also get a discount of Rs. 2 per share on the final issue price.

The bank had filed its draft prospectus for the IPO on August 14 and received market regulator Securities and Exchange Board of India's or Sebi's approval for the issue on October 16.

The bids can be made for a minimum of 400 equity shares and in multiples of 400 equity shares thereafter.

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