Ujjivan Small Finance Bank to make stock market debut tomorrow, analysts expect at least 50% listing premium
Photo: AFP

Ujjivan Small Finance Bank, which recently concluded its Rs 750-crore initial public offering, will make its stock market debut on Thursday.

The shares will be listed on the BSE and the National Stock Exchange (NSE), the micro-finance lender said. The IPO, which was open for subscription During December 2-4, was subscribed more than 165 times at a price band of Rs 36-37 per share.

According to a Moneycontrol report, however, experts anticipate that the scrip will open with at least a 50% premium over the issue price.

Reportedly the grey market premium on the stock has increased from Rs 10 – 12 (as on November 17, 2019) to Rs 25– 29 (till Dec 10).

The category meant for qualified institutional buyers (QIBs) was subscribed 111 times, non-institutional investors (NIIs) category witnessed a subscription of 473 times, while the same for retail investors stood at over 49 times.

Kotak Mahindra Capital Company, JM Financial and IIFL Securities managed the offer.

Micro-finance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.

According to the company's website, Ujjivan Small Finance Bank caters to the financially underserved segments of India.

Ujjivan Small Finance Bank at present has branches in 24 states and UTs. According to their website, as of September 30, 2019, it has a customer base of 4.9 million.

(With inputs from agencies)

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