Usha Financial Services to Raise Rs 98.45 Crore Through IPO

Usha Financial Services Limited (UFSL), a prominent Non-Banking Financial Company (NBFC), will be opening its Initial Public Offering (IPO) for Anchor Bidding on October 23, 2024. The company is set to issue 16,60,800 shares, raising around Rs 27.90 crore from anchor investors. The company's Initial Public Offering (IPO) will be open for subscription from October 24, 2024 to October 28, 2024, with a price band set between ₹160 and ₹168 per equity share.

This IPO is structured as a pure offer-for-sale, where the promoters will divest around 58,60,000 shares to raise a total of Rs 98.45 crore. Of this, the Qualified Institutional Buyers (QIB) will be offered Not more than 50.00% of Net Issue, the retail portion will consist of not less than 35.00% of the Net Issues, and the NII (HNI) shares will be offered Not less than 15.00% of the Net Issue.

The finalization of the basis of allotment for UFSL's IPO is scheduled for October 29,2024. Refunds will be initiated, and equity shares will be credited to investors' accounts on October 30,2024, with the company's listing on the NSE SME set for October 31,2024.