SME IPO: Usha Financial Services’ initial public offering (IPO) opened for subscription on Thursday, October 24. The three-day public offer will conclude on Monday, October 28. The issue has already been subscribed 50% within an hour of opening, suggesting strong interest from investors.
Usha Financial Services IPO price band is fixed at ₹160 to ₹168 per share. The company is looking to raise ₹98.45 crore at the upper end of the price band. The offer is entirely a fresh issue of 58.6 lakh shares with no offer-for-sale (OFS) component.
The IPO allotment for Usha Financial Services is likely to be finalised on Tuesday, October 29 with the listing of Usha Financial Services shares likely on Thursday, October 31.
The minimum lot size for Usha Financial Services IPO is 800 shares, suggesting a minimum investment of ₹134,400 for retail investors. Meanwhile, for high net-worth individuals, the minimum investment is two lots or 1,600 shares, amounting to ₹268,800.
Usha Financial Services is a non-banking finance company (NBFC) with over nine years of experience. The company provides lending solutions to NBFCs, MSMEs, corporates and individuals, particularly to women entrepreneurs.
Usha Financial Services IPO Subscription Status
The issue garnered 52% bids so far on the first day of the bidding process on Thursday. The quota reserved for qualified institutional buyers (QIBs) was fully booked at 1.07 times. Meanwhile, the quota for retail investors was booked 39% and for non-institutional investors (NIIs) 10%.
Usha Financial Services IPO GMP
The grey market premium or GMP for Usha Financial Services IPO stood at ₹45 on Day 1 of the IPO opening. It suggests that Usha Financial Services shares are trading ₹45 higher over the upper band of the IPO price of ₹168. According to the current trend, the stock could list at ₹213, a premium of 26.79% over the IPO price.
Narnolia Financial Services and Unistone Capital Pvt Ltd are the book-running lead managers of Usha Financial Services IPO while Skyline Financial Services is the registrar to the issue. The market maker for Usha Financial Services IPO is SS Corporate Securities.
