Usha Financial Services IPO Subscribed 13.05 Times So Far On Final Day; Check GMP
The grey market premium (GMP) on the Usha Financial Services IPO was Rs 30 as of 1:31 p.m. on Oct. 28.
Usha Financial Services Ltd., a non-banking finance company (NBFC), launched its IPO on last week. The SME IPO has been subscribed over 13 times on the third and final day of bidding on Monday.
Usha Financial Services aims to raise Rs 98.45 crore from the market through a fresh issue of 58.6 lakh shares. With just hours remaining before the closure of the subscription window, investors interested in applying for Usha Financial Services IPO should check out these key details:
Usha Financial Services IPO: Details
The Usha Financial Services IPO price band has been set at Rs 160 to Rs 168 per share. Retail investors can place bids for a minimum lot size of 800 shares, totalling an investment of Rs 1.34 lakh.
The NBFC has set aside up to 50% of the net issue size for qualified institutional buyers. Additionally, up to 35% of the net issue has been reserved for retail individual investors and the remaining 15% is set aside for non-institutional investors.
Usha Financial Services IPO share allotment status is set to be finalised on Oct. 29. Credit of shares to the Demat account of successful bidders will be done on Oct. 30 along with refunds for non-allottees.
Shares of Usha Financial Services are set to list on the NSE SME platform, Emerge, on Oct 31.
The book-running lead managers for the NSE SME issue are Narnolia Financial Services Ltd. and Unistone Capital Pvt. The registrar for the NBFC’s public issue is Skyline Financial Services Pvt.
SS Corporate Securities Ltd. is the market maker for the issue.
Usha Financial Services IPO Day 3 Subscription Status
The IPO of Usha Financial Services was subscribed 13.05 times as of 3:05 p.m. on Monday
Qualified Institutions: 5.71 times
Non-Institutional Investors: 13.42 times
Retail Investors: 17.09 times
Usha Financial Services IPO GMP Today
The grey market premium (GMP) on the Usha Financial Services IPO was Rs 30 as of 1:31 p.m. on Oct. 28. As per InvestorGain, the GMP trend indicates an estimated listing at Rs 198 per share (Rs 168 + Rs 30). This marks a premium of 17.86% over the upper price band of Rs 168.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Usha Financial Services Business And Financials
Usha Financial Services Ltd was incorporated in 1995. The company is registered with the Reserve Bank of India (RBI) as an NBFC-ICC (Non-Banking Financial Company - Investment and Credit Company). It provides lending solutions to other NBFCs, corporations, MSMEs and individuals, according to its Red Herring Prospectus.
The company employs both retail lending and wholesale lending business models to generate revenue. The company will use the proceeds of the public issue to augment its capital base and other general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
