Ujjivan Financial Services opens its Initial public offering with 21% bids of the total issue size on first Day. Ujjivan is set to open its issue as on 28th April 2016 and closing date on 2nd May 2016. Issue has got cumulative 62.49 lakh shares of bids from the total issue size of 2.96 crore shares.
On the National Stock Change, the quota for retail individual investors (RIIs) was subscribed 20 per cent of the quota limit. The non-institutional investor (NII) quota witnessed bids for 1.85 lakh shares, which was around 3 per cent of the total quota limit of 63.40 lakh shares. Qualified institutional buyers (QIB) were yet to bid for the issue. While, the RII quota was subscribed 20 per cent and NII quota by 1.96 per cent and QIBs bid for 48,090 shares on Bombay Stock Exchange.
Retails investors are eligible for a quota of up to 35% of the Rs. 880 crore issue at upper price band i.e. Rs. 210. Qualified institutional buyers (QIBs) will be allowed to bid for not more than 50 per cent of the issue size. High net worth individuals can bid up to 15 per cent of the issue size. The public offering will conclude on May 2.
IPO includes fresh issuance of shares worth Rs 358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders.
The company, which has already raised Rs 292 crore through a pre-IPO placement, is aiming to launch small finance bank in the first quarter of 2017.
Lead Managers of the Company are Kotak Mahindra, Axis Capital, ICICI Securities and IIFL Holdings.