Varanashi Headquartered lender, Utkarsh Small Finance Bank received the security market regulator SEBI’s approval for coming up with their IPO. The bank wants to float its IPO for fresh issuance of its equity shares and raise Rs. 500 Crores from the market as per their DRHP disclosure. The IPO proceeds will be utilised towards strengthening the bank’s Tier-1 capital base.
The bank has started operation in the year 2017 and has over 680 banking outlets across the country. Utkarsh Small Finance Bank has strong presence across states like Uttar Pradesh, Bihar and Jharkhand both in urban as well as rural markets. While it has major presence across these 3 states, it operates across 22 States and Union Territories. Utkarsh Bank offers all types of savings / current accounts, fixed / recurring deposits, lockers facilities and loan accounts.
As on March 2022, the bank’s liability book stood at nearly Rs 10,075 Crore while the asset book was at nearly Rs 10, 631 Crore. The bank has been steadily progressing in terms of presence and book size since inception.
Kotak Mahindra Capital and ICICI Securities are the book running lead managers to this IPO.
