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The primary stake sale (IPO) of Utkarsh Small Finance Bank (SFB) kicks off for subscription on Wednesday, July 12. The private lender is selling its shares in the range of Rs 23-25 apiece during the three-day bidding process, which concludes on Friday, July 14. The issue is entirely a fresh sale of 20 crore equity shares amounting to Rs 500 crore. Investors can make a bid of a minimum of 600 equity shares and its multiples thereafter. The net proceeds from the issue will be utilized towards augmenting its Tier-I capital base to meet its future capital requirements and meeting the issue. A day ahead of its IPO, Utkarsh SFB allocated 8.91 crore equity shares to 20 anchor investors at an issue price of Rs 25 apiece to garner Rs 222.75 crore. SBI Mutual Fund, ICICI Prudential, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Goldman Sachs, SBI Life Insurance, Edelweiss Trusteeship, Founders Collective Fund and AG Dynamics Funds participated in the anchor book. Incorporated in 2016, Utkarsh Small Finance Bank is a small finance bank in India, which recorded the second fastest AUM growth in the years financial year 2018-19 and financial year 2021-2022. The private lender has an asset under management (AUM) of more than 6,000 crore.
Watch: Utkarsh Small Finance Bank IPO opens, GMP rises today; check price band, lot size, and IPO review, and should you subscribe? Varanasi-headquartered Utkarsh Small Finance Bank has operations across 26 states and Union Territories with 830 banking outlets and 15,424 employees as of March 31, 2023. It had a 3.59 million customer base majorly located in rural and semi-urban areas primarily in Bihar and Uttar Pradesh. After receiving in-principal approval from the Reserve Bank of India (RBI) in October 2015 to establish a small finance bank, promoter Utkarsh CoreInvest incorporated Utkarsh Small Finance Bank as a wholly-owned subsidiary in April 2016, , which commenced its operations in January 2017. The lender has reserved 20 lakh shares worth Rs 5 crore for the eligible employees. not less than 75 per cent of the net offer shall be reserved for the qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of the net offer. Retail investors will get the remaining 10 per cent of reservation in the offer. ICICI Securities and Kotak Mahindra Capital Company are the book running lead managers to the issue, while Kfin Technologies has been appointed as the registrar to the issue. Shares of the lender will be listed on both BSE and NSE with July 24 (Monday) as the tentative date of listing. Majority of the brokerage firms are positive on the issue and suggest to subscribe to it on a long-term basis, citing its attractive pricing, strong balance sheet and sound business fundamentals. However, a select analyst have flagged geographical concentration as the key threat to its business. Here’s what a host of brokerage firms say about the issue:Reliance Securities Rating: Subscribe Utkarsh SFB is in constant efforts to improve its business with deeper insights into customer trends, and develop customized products for its customer segments. It intends to further the growth through diversification of product offerings, customer segments and geography supported by technology, process and data analytics, said Reliance Industries. “With improvement in NIM’s and NPAs in declining trend over the last three years, growth in earnings remains strong. On FY23 financials, the IPO is valued at 6.8 times P/E and 1.1 times P/BV, we recommend ‘subscribe’ to this issue for the long term,” it added.
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Anand Rathi Shares and Stock Brokers Rating: Subscribe for long-term Its SFB’s future prospects hinge on the monetary policy of RBI and the Government of India. The bank’s ability to provide their products and services in a cost-efficient manner is among their core strengths and their cost-to-income ratio was the lowest among SFBs with Gross Loan Portfolio of more than Rs 60 billion, said Anand Rathi. “At the upper price band, the company is valuing at P/B of 1.39 times with a market cap of Rs 2,740 crore post issue of equity shares and return on net worth of 20.22 per cent. We believe that the company is fairly priced and recommend a ‘subscribe- long term’ rating to the IPO,” it added.Hensex Securities Rating: Subscribe The bank’s 27.35 per cent outlets are located in unbanked rural and semi-urban centers and provide a wide range of products. It has a customer base of 4 million customers majorly from the states of Bihar and Uttar Pradesh. The Bank has growing deposits with a focus over Retail Deposits, said Hensex Securities.Stoxbox Rating: Subscribe Utkarsh SFB recorded the third fastest growth in gross loan portfolio among its peers, which grew at a 31 per cent CAGR between the FY19-23 period to reach Rs 13,960 crore. Moreover, the bank reported the third-highest growth in total deposits among its peers, registering a 37.9 per cent CAGR between FY19-23 to reach Rs 13,710 crore, said Stoxbobx. It has the best cost-to-income ratio of 54.15 per cent in FY23 which is the highest amongst other SFBs. In FY23, Utkarsh SFB posted the second-highest RoE of 22.64 per cent and RoA of 2.37 per cent. On the basis of strong asset quality, consistent financial performance and the growth story of the Indian economy, we recommend a ‘subscribe’ rating for the long term, it added.Swastika Investmart Rating: Subscribe Utkarsh SFB has a strong track record of growth, and its financial performance has been improving in recent years. Utkarsh SFB is well-positioned to benefit from the growth of the SFB sector, as it has a strong focus on underserved segments of the population, said Swastika Investmart. “The IPO is priced at a reasonable valuation, and the company has a strong balance sheet. However, there are some risks to consider, such as the competitive landscape and the potential for asset quality problems. Overall, we believe that the IPO is a good opportunity for investors who are looking for exposure to the growth of the SFB sector,” it added with ‘subscribe’ rating.Nirmal Bang Securities Rating: Subscribe “Utkarsh SFB is favorably placed with presence in low ticket segments having strong industry tailwinds. Further, it has managed to reduce its exposure to the unsecured micro banking segment from 82 per cent in FY21 to 66 per cent in FY23 which has derisked its business model. It has outperformed its peers on all fronts: loan growth, return ratios and asset quality,” said Nirmal Bang. “It’s valuation on a P/B basis is at a significant discount compared to peers, at 1.1x FY23 post issue BVPS. Considering that the micro finance industry has come out of severe crisis over 2020-22, with most of the bad loans having weeded out of the system, we expect growth and healthy profitability to resume for the sector as well as for Utkarsh,” it added with a ‘subscribe’ tag.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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