Usha Financial Services’s Initial Public Offering (IPO) received an overwhelming response with the over subscription by 1.31 times on the first day of bidding. The IPO received bids for 50.76 lakhs equity shares against 38.78 lakh shares on offer, according to a statement from the company.
It said that the retail investor segment was booked 1.15 times, while the Non-Institutional Investors (NII) category was subscribed 1.99 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 1.07 times till now.
The statement also mentioned that the IPO’s Grey Market Premium (GMP) today is Rs 51 per share, which indicates an expected listing price of Rs 219, a premium of over 30 per cent over its issue price of Rs 168.
The finalisation of the basis of allotment for Usha Financial Services’s IPO is scheduled for 29th October, 2024. The refunds will be initiated and equity shares will be credited to investors’ accounts on 30th October, 2024, with the company’s listing on the NSE SME set for 31st October, 2024, concluded the statement.
Earlier in the day, Usha Financial Services had closed Anchor bidding at 100 per cent allotment. Out of 5,860,000 shares on offer, anchors picked up 1,660,800 shares, demonstrating strong market confidence. The anchor allocation details were reported to the stock exchanges on 23rd October, 2024.
The anchor allocation process, which took place on 23rd October, 2024, saw participation from institutional investors. The entire anchor allocation was made at the upper end of the price band, Rs 168 per share, indicating robust demand and confidence in the company’s prospects.
