The corporate has mounted a worth band of Rs 23-25 per share for the IPO, which is totally a recent situation of shares of Rs 500 crore. About 75% of the provide is reserved for certified institutional consumers (QIBs), 15% for non-institutional buyers (NIIs) and the remaining 10% for retail buyers, who can bid for no less than 600 shares in a single lot and in multiples thereafter.
Included in 2016, Utkarsh commenced operations in 2017 and its product suite contains saving accounts, wage accounts, present accounts, recurring and stuck deposits and locker amenities.
The financial institution recorded the third quickest gross mortgage portfolio progress between fiscal 2019 and financial 2023 amongst its friends with a gross mortgage portfolio of greater than Rs 6000 crore.
For the yr ending March, the corporate had recorded whole revenue of Rs 2,804 crore, whereas web revenue for a similar interval stood at Rs 404 crore.
Whereas the top-line has remained wholesome, reporting a CAGR of 26% over FY21-23, there was muted progress within the FY22 within the backside traces following the overall market tendencies after the Covid-19 pandemic. Its web NPAs (non-performing belongings) had been at 1.33%, 2.31%, and 0.39% for FY21, FY22 and FY23.
On the higher worth band, the corporate is valuing at P/B of 1.39x with a market cap of Rs 2,740 crore put up situation of fairness shares and return on web value of 20.22%, in keeping with Anand Rathi.Proceeds from the recent situation shall be utilised to enhance the lender’s Tier 1 capital base to satisfy future capital necessities. ICICI Securities and Kotak Mahindra Capital Firm are the ebook operating lead managers to the difficulty.