Utkarsh SFB serves primary rural and semi-urban areas with a customer base of 3.59 million,
MUMBAI, July 15 (The CONNECT) – In a record-breaking performance, the IPO of Varanasi-based Utkarsh Small Finance Bank Ltd was subscribed 101.91 times on the final day yesterday.
The heavy bidding from Qualified Institutional Buyers (124.85 times) and Non-Institutional Investors (81.64 times ) has made it the second most subscribed IPO after Ujjivan Small Finance Bank.
The retail portion was subscribed 72.1 times, whereas, the Employee Portion 16.58 times.
The IPO of Au Financers SFB was subscribed 53.6 times, Suryoday SFB - 2.37 times and Equitas SFB - 1.95 times.
Utkarsh SFB, with AUM of more than Rs 6,000 crore, is promoted by Utkarsh CoreInvest Limited, which commenced its operations as a NBFC in Fiscal 2010 and focused on providing microfinance to unserved and underserved segments particularly in the states of Uttar Pradesh and Bihar. Utkarsh CoreInvest Limited received the RBI In-principle approval on October 7, 2015, to establish an SFB, following which it incorporated Utkarsh Small Finance Bank Limited as a wholly-owned subsidiary on April 30, 2016. Subsequent to the Bank obtaining the RBI Licence on November 25, 2016, to establish and carry-on business as an SFB, Utkarsh CoreInvest Limited transferred its business of providing microfinance, as a going concern to the Bank, which commenced its operations from January 23, 2017.
The bank operates throughout India and has a presence in 26 states and Union Territories, with 830 banking outlets and 15,424 employees as of March 31, 2023. With its primary focus is on rural and semi-urban areas, the bank serves a customer base of 3.59 million. Bihar and Uttar Pradesh accounting for 30.88% and 25.98% of its total Gross Loan Portfolio respectively.