Utkarsh Small Finance Bank IPO got bumper subscription, closed by filling 100 times more

The IPO of Utkarsh Small Finance Bank has received bumper subscriptions. Only after the opening of the IPO, a positive trend was being seen among the investors. Due to this, a total subscription of 101.91 times the IPO has been received. The IPO was open to public investors from July 12 to July 14.
As per the data released on NSE, against the 12.05 crore shares offered in the IPO, bids were received for 1,228.46 shares.
The reserve portion for Qualified Institution Buyers (QIBs) was subscribed 124.85 times, the reserve portion for HAIs 81.64 times, and the reserve portion for retail investors 72.10 times.
The size of the IPO of Utkarsh Small Finance Bank was Rs 500 crore. This IPO was a completely fresh issue. Its price band was kept at Rs 23-25 per share.
The proceeds from Utkarsh Small Finance Bank IPO will be used to augment its Tier-I capital base to meet future capital requirements.
The business of Utkarsh Small Finance Bank is spread across 26 states and union territories of the country. The bank employs 15,424 employees and has 830 banking outlets. The bank made a profit of Rs 404.50 crore in the financial year 2022-23.
With the IPO listing, Utkarsh will join the league of other small finance banks listed on the stock exchanges such as AU Small Finance Bank, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Suryoday Small Finance Bank. ICICI Securities and Kotak Mahindra Capital were the managers of the offer.