Ujjivan Finance Got an attractive response after getting a bids for 120.35 crore share of its recent listed IPO. The bid was 40.57 times the total size of 2.96 crore shares.
On the National Stock Exchange, the quota for retail individual investors was subscribed 1.54 times. The non-institutional investor bids for 58.63times of the available quota with 37.17 lakh shares. Qualified institutional buyers (QIB) witnessed the bids for 19.29 times. Similarly BSE also witnessed a good performance with retail subscription at 2.33 times and NII by 76.82 times and QIBs bids were around 14.54 times.
After Equitas, Ujjivan is the second small finance bank IPO in last one month. Equitas IPO also witnessed a strong performance with subscription of over 17 times.
Ujjivan currently has foreign shareholding of around 77%. With this IPO, Ujjivan will be able to bring this down to around 45% after share sale, which is required as per the Reserve Bank of India (RBI) guidelines for setting up a small finance bank.
Foreign investors are selling their shares through the IPO include World Bank arm International Finance Corp, Impact investment funds Elevar and India Financial Inclusion Fund, Dutch development finance institution FMO, Sarva Capital, Women’s World Banking Capital Partners, Wolfensohn Capital Partners and Mauritius Unitus Corp.
