Ujjivan Small Finance Bank Limited (USFB) which had tapped the capital markets with its primary issue of Rs 750 crs received excellent response and was subscribed 170 times. Earlier the company had completed allocation to anchor investors. The company allotted 8,20,94,594 equity shares to 18 anchor investors comprising of 33 entities. The highest allocation was made to CX Partners Fund 2 Limited who was allotted 1,17,90,000 equity shares or 14.36% of the anchor allocation.

The price band was Rs 35-37 and there was a reservation of Rs 75 crs for shareholders of the holding company, Ujjivan Financial Services Limited. Shareholders of the holding company applying in the shareholders reservation portion would get a discount of Rs 2 per share.

The issue saw QIB’s subscribing the issue 113.80 times, HNI’s 486.14 times, Retail investors 50.46 times and shareholder portion subscribed 4.26 times. The overall issue was subscribed 170.29 times. The issue received 16,47,003 applications and was subscribed 36.1 times on basis of lots.

The cost of funding for the leveraged HNI was Rs 27.60 to Rs 29.32, based on the interest or funding rate of 8-8.5%. The premium is slightly lower than the cost of funding and would have to adjust to that by the time the share lists.

The issue opens on Monday the 2nd of December and closes on Wednesday the 4th of December 2019.

The full details of the subscription are given below: –