Varanasi-headquartered Utkarsh Small Finance Bank Limited is looking at raising Rs 1,350 crore through an initial public offering (IPO). It recently filed for its draft red herring prospectus (DRHP).
The financial institution will offer fresh issue of up to Rs 750 crore and an offer for sale of up to Rs 600 crore by its promoter, Utkarsh CoreInvest Limited.
Meanwhile, the bank has concluded a private placement of its equity shares and raised Rs 240.47 crore by allotting 8.90 crore equity shares at Rs 27 per equity share i.e. 3.70 crore equity shares to Olympus ACF Pte. Ltd; 1.34 crore equity shares to Responsability Participations Mauritius; 1.29 crore equity shares to Aavishkaar Bharat Fund; and 0.85 crore equity shares each to Triodos Sicav II - Triodos Microfinance Fund, Legal Owner Triodos Funds B.V. (in its capacity as legal owner of Triodos Fair Share Fund) and Growth Catalyst Partners LLC.
Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.
Additionally, the Bank may undertake a pre-IPO placement of up to Rs 250 crores in consultation with the lead managers to the offer. ICICI Securities Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited are the lead managers to the Offer.