Utkarsh Small Finance Bank GMP (Grey Market Price) surges ahead of IPO
Utkarsh Small Finance Bank's IPO is set to hit the market on 28th September.
The bank's Grey Market Price (GMP) has surged ahead of the IPO.
The GMP is currently at Rs. 55-60, indicating strong demand for the shares.
The bank is looking to raise Rs. 1350 crore through the IPO.
The IPO will consist of a fresh issue of Rs. 750 crore and an offer for sale of Rs. 600 crore.
The bank plans to use the funds raised to augment its Tier-1 capital base.
Utkarsh Small Finance Bank is a small finance bank that provides banking and financial services to underserved and unserved segments of the population.
The bank has a network of 528 banking outlets across 19 states and union territories in India.
The bank's total assets stood at Rs. 5,307 crore as of March 31, 2021.
The bank's net profit for the year ended March 31, 2021, stood at Rs. 94.65 crore.