Ujjivan Financial Services’ IPO closed yesterday. It was a top draw amongst investors with the issue being subscribed 40.6 times as of 7pm on Monday.
This is the second successful IPO that Caspian investees have seen in the last few weeks with the Equitas IPO issue also having a stellar closing.
Caspian was the first institutional investor in Ujjivan, and it was through Caspian’s initial investment that the minimum capital requirement of INR 20 million for setting up an NBFC, was met. Over the years, Caspian has contributed to the steady growth and evolution of Ujjivan as one the finest microfinance institutions in India.
Ujjivan has also received a license for becoming a small finance bank and the IPO is the first step towards conforming to the norms specified by the Reserve Bank of India (RBI). The issue of shares, which closed on Monday, was made also to comply with the RBI’s directive to bring down the foreign shareholding to below 49%. Following the issue the foreign shareholding in Ujjivan will come down from 77% to nearly 45%.
Our hearty Congratulations to the Ujjivan team on their well-deserved success!