Stunning Success: Small Finance Bank IPO Skyrockets by 92 per cent on Listing Day!

IPO listed with 60 per cent premium on the BSE.

Utkarsh Small Finance Bank's shares had an impressive debut on Friday, exhibiting remarkable resilience in the face of turbulent market conditions. The stock soared by an impressive 91.76 per cent from its IPO price of Rs 25, closing at Rs 47.94 on the BSE. The day began with the stock opening at Rs 39.95 and continued to climb reaching its highest level by the end of the session. An impressive 1,51,58,114 shares were traded on the BSE platform. The BSE group ‘B’ stock has face value of Rs 10 with market capitalization of around Rs 5,250 crore.  

Talking about the financials for FY23 compared to FY22, the bank’s net profit increased by 558.15 per cent rising to Rs 404.50 crore from Rs 61.46 crore. In FY23 the bank's total income also saw a substantial growth of 37.89 per cent surging from Rs 2033.65 crore to Rs 2804.29 crore. Additionally, the bank's total net sales in FY23 increased by 35.49 per cent soaring from Rs 1848.81 crore to Rs 2504.98 crore during the same period.

The IPO had received overwhelming response from all category of investors. Investors should keep eye on this stock.

Utkarsh Small Finance Bank Limited, established in 2016, is an Indian Small Finance Bank (SFB) with its headquarters in Varanasi, Uttar Pradesh. Led by Mr. Govind Singh it offers a range of banking and financial services. It began its SFB operations in January 2017, focusing on microfinance for unserved and underserved segments in Uttar Pradesh and Bihar. It has since expanded its SFB operations strategically in other states.

Disclaimer: The article is for informational purposes only and not investment advice.