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Utkarsh Small Finance Bank has raised Rs.240 Crores via Private Placement from various investors, the list is mentioned below.

1. Olympus ACF Pte. = 3.704 crores shares
2. Responsibility Participations Mauritius = 1.344 Crores shares
3. Aavishkaar Bharat Fund = 1.296 Crores shares
4. Triodos Sicav II – Triodos Microfinance Fund = 0.854 Crores shares
5. Legal Owner Triodos Funds B.V = 0.854 Crores shares
6. Growth Catalyst Partners LLC. = 0.854 Crores shares

So, total 8.906 Crores shares were issued to the investors for Rs.240 Crores. It means the shares are issued at ~27 per share.

Valuation of Utkarsh Small Finance Bank

As on 31.03.2020, the total shares outstanding were 75.93 Crores and having Net-worth of 1019 Crores. Therefore, the Book value was 13.42x.

After the deal, the number of shares outstanding are (75.93+8.906)= 84.836 Crores and Net-worth (1019+240)= 1259 Crores. Therefore, the Book value post this transaction is 14.85x.

They raised money at Rs.27 per share, so P/B is 1.81x.

Utkarsh Microfinance vs Utkarsh Small Finance Bank

In the unlisted market, share of Utkarsh Microfinance is available which is the holding company of Utkarsh Small Finance Bank. However, before the IPO, the shareholders of Utkarsh Microfinance will get 8 share for Utkarsh Small Finance bank for every 1 shares of Utkarsh Microfinance.

Currently, the Utkarsh Microfinance is available at Rs.220-230 per share in the unlisted market, which translate into price of 27.5-28.85 for Utkarsh Small Finance Bank.

IPO News

Utkarsh Small Finance Bank has already filed a DRHP on 06.03.2021 to SEBI for IPO approval.

About Utkarsh Small Finance Bank

Utkarsh Small Finance Bank offers a gamut of Banking products & services which also includes Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Wholesale Lending, Deposit Accounts (CASA, FD & RD), Insurance, Mutual Funds, Remittances, Institutional, Government and TASC services. Utkarsh also offers a wide range of payment services which include Debit Cards, ATMs, POS Payments, Digital offerings like Internet Banking, Mobile Banking, and payments through NEFT, RTGS, and IMPS.

Headquarter
Varanasi, Uttar Pradesh Utkarsh Small Finance Bank has operations in Bihar, Chhattisgarh, Delhi-NCR, Haryana, and Himachal Pradesh Jharkhand, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, and West Bengal.

Financial of Utkarsh Small Finance Bank:

Particulars (In Crores) FY19-20 FY18-19 FY 17-18 FY 16-17
Net Worth 1019 772 411 304.9
Deposits 5235 3791 2,193.70 18.7
Borrowing 2675 1492 1,788 2,288

 

Particulars (In Crs) FY19-20 FY18-19 FY 17-18 FY 16-17
Interest Income 1307 879 519 72
Interest Expense 579 381 250.7 44.3
Net Interest Income 728 498 268.3 27.7
Other Income 98 59.8 42.3 17.7
Total Income 1406 939 310.6 45.4
Operating profit 350 230 75.5 10.5
Provisioning Write off 99 136 170.4 4
PAT 186 93 -63 4.8

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