Shares of Ujjivan Small Finance Bank made a strong listing debut today in both the exchanges i.e., NSE & BSE. The script is dealing on BSE in the list of 'B' Group Securities. The share opened at Rs 58.00 per share up by 58.78% on the BSE against the issue price of Rs 37 per share.
Currently, the stock is trading at Rs 55.85 per share on BSE. It touched a low of Rs 53.10 and a high of Rs 62.80 per share by 1430 IST.
The initial public offering of UJJIVANSFB was subscribed around 166 times within 2nd to 4th December 2019, which was the largest subscription of this year after Indian Railway Catering and Tourism Corporation (IRCTC) that was subscribed 111.91 times in October. Notable, the company would use its fresh issue proceeds towards increasing its Tier – 1 capital base to meet the future capital requirements.
The portion of the issue for qualified institutional buyers (QIBs) was subscribed 111 times, non-institutional investors (NIIs) category witnessed a subscription of 473 times, while the same for retail investors stood at over 49 times.
Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank. As of September 2019, gross NPAs to gross advances was 0.85% and net NPAs to net advances was 0.33%, compared to 1.88% and 0.29%, respectively, in the previous year ago. However, the market is bullish on the stock following attractive valuation and strong asset quality management.