- Ujjivan Small Finance Bank has raised ₹250 crore in a pre-initial public offering (IPO) round led by India Infoline (IIFL) group’s funds, a private equity fund of Avendus Capital and Akash Bhanshali of Enam Group. The pre-IPO round closed on Wednesday.
- The lender’s filings with the registrar of companies (RoC) shows that funds managed by IIFL invested around ₹136 crore in the pre-IPO round.
- The IIFL funds which participated in the investment include IIFL special opportunities fund, a dedicated pre-IPO fund managed by the group’s asset management business, IIFL long term equity growth fund and IIFL blended fund, the filing shows.
- Avendus Capital, through its Future Leaders Fund, a private equity fund, invested ₹5 crore, while Bhanshali invested ₹25 crore. Several other HNIs also participated in the round.
- Shares were allocated to investors at a price of ₹35 each. According to a person aware of the investment details, the share sale values the company at around ₹5,000 crore.
- With the pre-IPO funding concluded, the bank is expected to hit the markets soon with its public share sale.
- Several other such banks have also started planning for their initial public offerings. These include Fincare Small Finance Bank, which has appointed investment banks to start working on its proposed IPO of more than ₹1,000 crore, Kerala-based ESAF Small Finance Bank and Utkarsh Small Finance Bank, which is eyeing a ₹500 crore IPO, Mint reported on 18 September.
- Shares of Ujjivan Financial Services rose 2.56% to ₹75 on BSE, while the benchmark Sensex gained 0.46% to 40,246.48 points.
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