Ujjivan SFB Pre-IPO Round Led By IIFL, Avendus Capital and ENAM Group

Ujjivan SFB Pre-IPO Round Led By IIFL, Avendus Capital and ENAM Group

Ujjivan SFB Raised Rs 250 crore through Pre-IPO Round

Ujjivan SFB likely expects to launch its public offer in the next month. It had submitted an IPO draft prospectus with the market regulator in August. It has already received approval from the market regulator. The bank has aimed to raise over Rs 1,200 crore through this public offer. Currently, the stock market new revolves around the Ujjivan public offer. As of the report, Ujjivan SFB Pre-IPO round closed on Wednesday. It was led by IIFL groups, Avendus Capital, and ENAM Group. Ujjivan has raised about Rs 250 crore through the Pre-IPO round. 

According to the report, Ujjivan SFB offered 71.43 million shares at Rs 35 per equity shares, said by the Ujjivan Finance Services Ltd. The bank has informed this matter to the stock exchange. The shares of the Ujjivan SFB IPO will list on BSE and NSE. 

A source said that the India Infoline Finance Limited bought 50 percent of bank shares. IIFL invested up to Rs 132 crore while Avendus and ENAM group invested Rs 32.5 crore and Rs 25 crore respectively. Moreover, high net worth individuals also joined in the Pre-IPO cycle. 

But, the officials of IIFL, Avendus, and ENAM groups did not respond to the queries.

The company intends to expand its Tier-I capital for security provisions by raising funds through this offer. As of the draft papers, it may utilize for organic growth and expansion, apart from that go along with Sebi standards requiring improved capital support.

Ujjivan may dilute 15 percent of the stake worth of Rs 8,000 crore through the issue, said by a person close to this public offer. This public offer will lead manage by Kotak Mahindra, IIFL, and JM finance Ltd.

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