Ujjivan IPO to Open on April 28

Bangalore-based microfinance lender Ujjivan Financial Services will hit capital markets next week from April 28 to May 2, 2016 to raise funds for its initial public offering (IPO).

Ujjivan had received approval from capital markets regulator SEBI in February this year and the company is planning to issue equity shares worth Rs.358 crore and an offer for sale of up to 2,49,68,332 equity shares by the existing shareholders.

Ujjivan has already raised Rs.292 crore in its pre-IPO placement of 1,42,36,057 equity shares. Accordingly, the IPO shares will be reduced from Rs.650 crore planned earlier in December. The Ujjivan’s issue is being managed by Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings.

The equity shares will be listed on BSE and NSE sometime in June this year. The Ujjivan Microfinance, which becomes Ujjivan Financial now, is the second MFI to raise funds to transform itself into a Small Finance Bank as per the licence given by the RBI. The IPO exeercise will reduce the foreign stake in Ujjivan to less than 49%.

Leave a Reply

Your email address will not be published. Required fields are marked *


This site uses Akismet to reduce spam. Learn how your comment data is processed.