Utkarsh Small Finance Bank IPO
Utkarsh Small Finance Bank IPO — date, price band, lot size & details 2023
Utkarsh Small Finance Bank listed on 21 Jul 2023 at ₹40, 60% above the ₹25 issue price.
Utkarsh Small Finance Bank is a small finance bank focused on rural and semi-urban customers, mainly in Bihar and Uttar Pradesh. It had 3.59 million customers on 31 March 2023.
Stock price
Utkarsh Small Finance Bank is listed — here is the live share price.
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 11 November.
- Open 12 Jul 2023
- Close 14 Jul 2023
- Allotment 19 Jul 2023
- Refund/credit 20 Jul 2023
- Listing 21 Jul 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 12 to 14 Jul, 2023 |
|---|---|
| Price Band | ₹23 – ₹25 |
| Face Value | ₹10 |
| Lot Size | 600 Shares |
| Issue Size | ₹500 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 15,000 |
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 600 shares at the ₹25 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹15,000 |
| Retail (max) | 13 | 7,800 | ₹1,95,000 |
| S-HNI (min) | 14 | 8,400 | ₹2,10,000 |
| S-HNI (max) | 66 | 39,600 | ₹9,90,000 |
| B-HNI (min) | 67 | 40,200 | ₹10,05,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 61.46 crore in FY2022 to Rs 404.50 crore in FY2023.
- 02Total income rose from Rs 1,705.84 crore in FY2021 to Rs 2,804.29 crore in FY2023.
- 03The P/E was 5.53 at the upper band of Rs 25, based on pre-issue EPS of Rs 4.52.
- 04The whole Rs 500 crore issue was fresh capital to raise Tier-1 capital.
- 05It had 3.59 million customers, mostly in rural and semi-urban areas.
Risks · 5
- 01Profit fell from Rs 111.82 crore in FY2021 to Rs 61.46 crore in FY2022, so earnings have been volatile.
- 02Microfinance loans are unsecured and sensitive to local shocks, and lending is focused on 2 states, Bihar and Uttar Pradesh.
- 03Total borrowing was Rs 2,349.48 crore on 31 March 2023, and the source puts debt to equity at 8.03.
- 04As a small finance bank it must meet RBI rules on capital, priority lending and branch locations. Assets were Rs 19,117.54 crore.
- 05Promoter holding fell from 84.75% before the issue to 69.28% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Utkarsh Small Finance Bank offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 19,117.54 | 15,063.77 | 12,137.91 |
| Total Income | 2,804.29 | 2,033.65 | 1,705.84 |
| Profit After Tax | 404.50 | 61.46 | 111.82 |
| NET Worth | 2,000.32 | 1,572.30 | 1,368.35 |
| Reserves and Surplus | 1,104.42 | 676.78 | 520.02 |
| Total Borrowing | 2,349.48 | 2,571.94 | 2,607.83 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Utkarsh Small Finance Bank RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Utkarsh Small Finance Bank IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.52 | ₹3.69 |
| P/E Ratio (x) | 5.53 | 6.78 |
| Market Cap at Offer Price (₹ Cr) | ₹2,237.28 | ₹2,740.51 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹25 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹500.00 Cr of the issue is earmarked to named objects.
About the company
Its operations focus on rural and semi-urban areas. On 31 March 2023 it had 3.59 million deposit and credit customers, mainly in Bihar and Uttar Pradesh.
Microfinance remains its main segment, through joint liability group and individual loans. It also offers retail loans, wholesale lending, affordable housing loans, commercial vehicle and construction equipment loans and gold loans. Its promoter is Utkarsh CoreInvest Limited.
The IPO was Rs 500 crore and was entirely fresh issue. Rs 454.61 crore was planned to augment the bank's Tier-1 capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
93 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
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.
Company contact
Frequently asked
What is the GMP of Utkarsh Small Finance Bank?
The current Grey Market Premium is ₹15, or 60% over the issue price.
What is the Utkarsh Small Finance Bank IPO price band?
₹23 to ₹25, on a face value of ₹10.
When is the allotment?
The basis of allotment is 19 July 2023, with listing on 21 July 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
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.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
