New Delhi: Ujjivan Small Finance Bank on Monday opened its subscription with an aim to raise Rs 750 crore through the initial public offering, stated a report. The price of one share was fixed at Rs 36 to Rs 37. In a span of just two hours, the bank recorded a subscription of over 40 per cent, said a report by the Live Mint.

Ujjivan Small Finance Bank would utilise the proceeds from the offering to increase its Tier-1 capital base and also to meet the expenses incurred during the issue of shares. According to news agency PTI, the Ujjivan Small Finance Bank’s IPO was subscribed 44.25 times by retail individual investors, 62.18 times by qualified institutional buyers (QIBs) and 164.68 times by non-institutional investors.

Here’s All You Need to Know About Ujjivan Small Finance Bank IPO:

1) The date of the issue of shares is December 2, 2019.

2) The date of closing the share issue is December 4, 2019.

3) Each share will be sold at a value of Rs 36 to Rs 37.

4) All the eligible Ujjivan Financial Services Shareholders can avail a discount of Rs 2 on the issue price of each equity shares.

5) USFB has planned to raise up to Rs 750 crore through this IPO.

The parent company of Ujjivan Small Finance Bank is microfinance lender Ujjivan Financial Services. The bank had served an estimated 4.7 million customers as of June 30 this year, stated a report by Live Mint. Notably, by the end of the initial public offering on December 4, Ujjivan Small Finance Bank will also be listed just like AU Small Finance Bank.