Ujjivan Financial Services raises Rs 300 cr in pre-IPO placement

 Ujjivan Financial Services, one of the ten companies to have received in-principle approval from the RBI for setting up a small finance bank (SFB), has completed its pre-IPO placement of approximately Rs 300 crore.

Key investors, including institutions like HDFC Life, Sundaram MF, Shriram Life, and family offices and high networth individuals like Desai Brothers, among others participated in the pre-IPO placement. Since the pre-IPO placement is completed, the number of equity shares issued will be reduced from the fresh issue, subject to regulatory requirements, Ujjivan said.

The IPO consists of a fresh issue of equity shares aggregating to Rs 650 crore, and an offer for sale of up to 2.49 crore shares by eight selling shareholders, including Elevar Equity Mauritius, International Finance Corporation, India Financial Inclusion Fund, Mauritius Unitus Corporation, Nederlandse Financierings — Maatschappij voor Ontwikkelingslanden, Sarva Capital, WCP Holdings III and Women’s World Banking Capital Partners.

Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings are the book running lead managers to the offer.

Ujjivan had started its operations as an NBFC in 2005, with the mission of providing a full range of financial services to the economically active poor who are not adequately served by financial institutions. It also offers individual loans to micro and small enterprises (MSEs).