Utkarsh SFB sets up Rp13.5bn listing

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By Jonathan Breen
08 Mar 2021

Utkarsh Small Finance Bank is planning an IPO of new and existing stock worth up to Rp13.5bn ($185.8m).

The lender has filed its draft red-herring prospectus through bookrunning lead managers ICICI Securities, IIFL Securities and Kotak Mahindra Capital.

The listing will comprise Rp7.5bn in primary shares and a Rp6bn offer-for-sale (OFS) of secondary stock. The bank’s promoter Utkarsh Coreinvest will provide the shares for the OFS.

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