Utkarsh Small Finance Bank has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 500 crore through an initial public offering (IPO). The Bank, which filed the draft red herring prospectus with the SEBI in August 2022, got the regulator’s approval on October 21, 2022.
Proceeds from the fresh issue will be utilised to augment the lender's Tier 1 capital base to meet future capital requirements. ICICI Securities and Kotak Mahindra Capital Company are the book running lead managers to the issue.
Incorporated in 2016, Utkarsh commenced operations in 2017 and its product suite includes a range of deposit products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits and locker facilities.
