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Ujjivan Small Finance Bank IPO

Ujjivan Small Finance Bank IPO — date, price band, lot size & details 2019

Ujjivan Small Finance Bank listed on 12 Dec 2019 at ₹58.75, 58.8% above the ₹37 issue price.

Ujjivan Small Finance Bank serves underserved and unserved customers with small loans and banking services, through 552 banking outlets. Its total income was Rs 2,037.58 crore in FY2019.

Stock price

Ujjivan Small Finance Bank is listed — here is the live share price.

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Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Timetable

Key dates from opening to listing. Today is 14 November.

Key dates Listed
  1. Open 02 Dec 2019
  2. Close 04 Dec 2019
  3. Allotment 09 Dec 2019
  4. Refund/credit 10 Dec 2019
  5. Listing 12 Dec 2019

Issue summary

The terms of the offer, as filed.

IPO Dates 2 to 4 Dec, 2019
Price Band ₹36 – ₹37
Face Value ₹10
Lot Size 400 Shares
Issue Size ₹745.95 Cr
Sale Type Fresh capital only
Listing On BSE, NSE
Registrar KFin Technologies Limited
Min Investment ₹ 14,800
Reservation
QIB 75%
NII 15%
Retail 10%

Share of the offer set aside for each investor category, as stated in the offer document.

What will it cost me?

Bidding is in multiples of 400 shares at the ₹37 cut-off. Drag to size your application.

shares
1 lot lots
If it lists at today's grey market premium of ₹23
on
Grey market premium is an unofficial, unregulated indicator. It is not a forecast.
Application Lots Shares Amount
Retail (min) 1 400 ₹14,800
Retail (max) 13 5,200 ₹1,92,400
S-HNI (min) 14 5,600 ₹2,07,200
S-HNI (max) 67 26,800 ₹9,91,600
B-HNI (min) 68 27,200 ₹10,06,400

Strengths & risks

Drawn from the offer document — the case for and against, side by side.

Strengths · 4

  • 01It served 4.94 million customers from 552 banking outlets on 30 September 2019.
  • 02Total income rose from Rs 1,579.36 crore in FY2018 to Rs 2,037.58 crore in FY2019.
  • 03Profit after tax rose from Rs 6.86 crore in FY2018 to Rs 199.22 crore in FY2019, and was Rs 187.11 crore in six months to September 2019.
  • 04The whole Rs 745.95 crore issue was fresh money for Tier-1 capital.

Risks · 5

  • 01It is a young bank that began operations only on 1 February 2017; FY2017 profit was Rs 0.04 crore.
  • 0245.84% of its gross advances on 30 September 2019 came from a few states.
  • 03Small unsecured loans to low-income customers can turn bad quickly; total borrowing was Rs 3,470.17 crore.
  • 04Total assets grew fast, from Rs 8,435.91 crore in FY2017 to Rs 16,107.90 crore on 30 September 2019.
  • 05Promoter holding fell from 94.4% before the issue to 83.32% after it, so the parent controls the bank.

Three years of numbers

All figures in ₹ crore, as reported in the Ujjivan Small Finance Bank offer document.

Total income
1,434.86
1,579
2,038
1,435
31 Mar 201831 Mar 201930 Sep 2019
Profit after tax
187.11
7
199
187
31 Mar 201831 Mar 201930 Sep 2019
EBITDA
294.97
50
329
295
31 Mar 201831 Mar 201930 Sep 2019
Borrowing vs net worth
3,470.17 / 1,993.48
31 Mar 201831 Mar 201930 Sep 2019
Borrowing Net worth
Metric 30 Sep 2019 31 Mar 2019 31 Mar 2018 31 Mar 2017
Assets 16,107.90 13,742.22 9,472.87 8,435.91
Total Income 1,434.86 2,037.58 1,579.36 223.87
Profit After Tax 187.11 199.22 6.86 0.04
EBITDA 294.97 329.02 50.22 6.00
NET Worth 1,993.48 1,819.63 1,646.94 1,640.07
Reserves and Surplus 353.44 179.59 6.90 0.04
Total Borrowing 3,470.17 4,166.09 3,852.85 6,291.40

See how this IPO compares — view listing performance of all mainboard IPOs.

Where the money goes

₹704.26 Cr of the issue is earmarked to named objects.

To augment Banks Tier-1 capital base to meet Banks future capital requirements such as organic growth and expansion and to comply with regulatory requirements for enhanced capital base, ₹704.26 Cr

Ujjivan Small Finance Bank IPO Anchor Investors

45 anchor investors across 14 fund houses committed ₹303.76 Cr a day before the issue opened.

Anchor Investor Fund House Shares Amount (₹ Cr) % of Anchor Book
Government Of Singapore Government Of Singapore 11,530,800 42.66 14.05%
Monetary Authority Of Singapore Monetary Authority Of Singapore 3,334,000 12.34 4.06%
Cx Partners Fund 2 Limited - 11,790,000 43.62 14.36%
Cx Alternative Investment Fund - 1,723,200 6.38 2.10%
Aberdeen Standard Sicav I - Asian Smaller Companies Fund - 5,290,800 19.58 6.44%
Aberdeen Standard Sicav I - Emerging Markets Smaller Companies Fund - 1,466,000 5.42 1.79%
Aberdeen Emerging Markets Smaller Companies Fund A Series Of The Aberdeen Institutional Commingled Funds, Llc - 1,351,600 5.00 1.65%
HDFC Life Insurance Company Limited HDFC Life Insurance 2,026,800 7.50 2.47%
Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz Life 2,026,800 7.50 2.47%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series Xi Sundaram Mutual Fund 231,200 0.86 0.28%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series Xii Sundaram Mutual Fund 168,400 0.62 0.21%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series Xiv Sundaram Mutual Fund 286,800 1.06 0.35%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series - Xv Sundaram Mutual Fund 281,200 1.04 0.34%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series - Xvi Sundaram Mutual Fund 179,600 0.66 0.22%
Sundaram Mutual Fund A/C Sundaram Select Micro Cap - Series - Xvii Sundaram Mutual Fund 150,800 0.56 0.18%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series I Sundaram Mutual Fund 396,400 1.47 0.48%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series Ii Sundaram Mutual Fund 431,600 1.60 0.53%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series Iii Sundaram Mutual Fund 378,000 1.40 0.46%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series Iv Sundaram Mutual Fund 274,000 1.01 0.33%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series V Sundaram Mutual Fund 102,400 0.38 0.12%
Sundaram Mutual Fund A/C Sundaram Emerging Small Cap - Series Vi Sundaram Mutual Fund 53,600 0.20 0.07%
Sundaram Mutual Fund A/C Sundaram Long Term Tax Advantage Fund - Series - Iii Sundaram Mutual Fund 111,200 0.41 0.14%
Sundaram Mutual Fund A/C Sundaram Long Term Tax Advantage Fund - Series Iv Sundaram Mutual Fund 71,200 0.26 0.09%
Sundaram Mutual Fund A/C Sundaram Long Term Micro Cap Tax Advantage Fund Series Iii Sundaram Mutual Fund 248,000 0.92 0.30%
Sundaram Mutual Fund A/C Sundaram Long Term Micro Cap Tax Advantage Fund Series Iv Sundaram Mutual Fund 112,400 0.42 0.14%
Sundaram Mutual Fund A/C Sundaram Long Term Micro Cap Tax Advantage Fund - Series V Sundaram Mutual Fund 112,000 0.41 0.14%
Sundaram Mutual Fund A/C Sundaram Long Term Micro Cap Tax Advantage Fund - Series - Vi Sundaram Mutual Fund 99,600 0.37 0.12%
Sundaram Mutual Fund A/C Sundaram Small Cap Fund Sundaram Mutual Fund 2,832,000 10.48 3.45%
Sundaram Mutual Fund A/C Sundaram Equity Fund Sundaram Mutual Fund 1,317,600 4.88 1.60%
Goldman Sachs India Limited Goldman Sachs 6,756,000 25.00 8.23%
ICICI Prudential Equity Savings Fund ICICI Prudential Mutual Fund 1,192,800 4.41 1.45%
ICICI Prudential Smallcap Fund ICICI Prudential Mutual Fund 2,386,000 8.83 2.91%
ICICI Prudential Value Fund - Series 11 ICICI Prudential Mutual Fund 1,588,400 5.88 1.93%
ICICI Prudential Dividend Yield Equity Fund ICICI Prudential Mutual Fund 1,192,800 4.41 1.45%
ICICI Prudential Value Fund Series 8 ICICI Prudential Mutual Fund 126,800 0.47 0.15%
Aditya Birla Sun Life Insurance Company Limited Aditya Birla Sun Life Insurance 2,026,800 7.50 2.47%
Edelweiss Trusteeship Co Ltd Ac-Edelweiss MF Ac-Edelweiss Balanced Advantage Fund Edelweiss Mutual Fund 1,351,794 5.00 1.65%
IIFL Special Opportunities Fund - Series 4 360 One 4,054,000 15.00 4.94%
BNP Paribas Mutual Fund A/C BNP Paribas Focused 25 Equity Fund Baroda BNP Paribas Mutual Fund 1,351,600 5.00 1.65%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Aditya Birla Sun Life Mutual Fund 3,720,000 13.76 4.53%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Banking And Financial Services Fund Aditya Birla Sun Life Mutual Fund 4,118,000 15.24 5.02%
UTI-Mid Cap Fund UTI Mutual Fund 2,062,000 7.63 2.51%
UTI - Banking And Financial Services Fund UTI Mutual Fund 965,200 3.57 1.18%
UTI - Long Term Advantage Fund Series Vi UTI Mutual Fund 500,400 1.85 0.61%
UTI - Long Term Advantage Fund Series Vii UTI Mutual Fund 324,000 1.20 0.39%
Total anchor allocation 303.76

Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.

About the company

Ujjivan Small Finance Bank Limited was incorporated on 4 July 2016 at New Delhi and began operations on 1 February 2017. Its promoter is Ujjivan Financial Services Limited, a microfinance NBFC.

It offers small loans and banking services to underserved and unserved customers, as part of financial inclusion.

As of 30 September 2019 it served 4.94 million customers from 552 banking outlets, including 141 in unbanked rural centres, and had 441 ATMs and phone banking units in Bengaluru and Pune.

The IPO was Rs 745.95 crore and was entirely a fresh issue at Rs 37, the top of the Rs 36 to Rs 37 band. The money was to add to its Tier-1 capital.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.

Promoters
Ujjivan Financial Services Ltd
Promoter holding
94.4% → 83.32%
Pre-issue → post-issue

The bankers & the filings

Who is running the book, and the documents this page is built from.

Book-running lead manager
JM Financial Ltd. View track record →
Book-running lead manager
Kotak Mahindra Capital Company Limited View track record →
Book-running lead manager
IIFL Capital Services Limited View track record →
Anchor allocation
Exchange filing
The anchor book as filed with the exchange a day before the issue opened.
Open the filing

Ujjivan Small Finance Bank IPO Documents

Read the filings this page is built from.

Anchor Investor Allocation Exchange filing listing the anchor book

Lead Manager Track Record

How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.

JM Financial Ltd.

172 issues handled
Listed in Profit 73.8% 127 of 172 listed
Avg Listing Gain +18.8% across 172 issues
Listed Below Issue 45 of 172 listed

Best listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).

Kotak Mahindra Capital Company Limited

204 issues handled
Listed in Profit 75.5% 154 of 204 listed
Avg Listing Gain +18.5% across 204 issues
Listed Below Issue 50 of 204 listed

Best listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).

IIFL Capital Services Limited

146 issues handled
Listed in Profit 69% 100 of 145 listed
Avg Listing Gain +15.9% across 145 issues
Listed Below Issue 45 of 145 listed

Best listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).

Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.

Frequently asked

What is the GMP of Ujjivan Small Finance Bank?

The current Grey Market Premium is ₹23, or 62% over the issue price.

What is the Ujjivan Small Finance Bank IPO price band?

₹36 to ₹37, on a face value of ₹10.

When is the allotment?

The basis of allotment is 9 December 2019, with listing on 12 December 2019.

How do I check allotment status?

On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.

Ujjivan Small Finance Bank IPO

Every number here traces back to a filing.

IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.

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Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.

GMP
₹23
Subscribed
170.27×
Min bid
₹14,800
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