Usha Financial Services IPO Day 3: GMP, subscription status and other key details on the SME issue

SME IPO: Usha Financial Services’ initial public offering (IPO) open for subscription on Thursday, October 24. The three-day public offering ended on Monday, October 28. By the end of the third day of the bidding process, the issue had been subscribed more than 19 times, which indicates great interest from investors.

Usha Financial Services IPO price fixed at ₹160 to ₹168 per share. The company is looking for a promotion ₹98.45 crore at the top end of the price range. The offer is an entirely new issue of 58.6 lakh equity shares without an offer for sale (OFS) component.

The IPO distribution for Usha Financial Services is likely to be completed on Tuesday, October 29th and the listing of Usha Financial Services shares is likely to be completed on Thursday, October 31st.

The minimum lot size for the Usha Financial Services IPO is 800 shares, which implies a minimum investment of ₹134,400 for retail investors. Meanwhile, for wealthy individuals, the minimum investment is two lots or 1,600 shares, which is ₹268,800.

Usha Financial Services is a Non-Banking Financial Company (NBFC) with over nine years of experience. The company provides credit solutions for NBFCs, MSMEs, corporations and individuals, especially for women entrepreneurs.

Usha Financial Services IPO Subscription Status

The issue received 19.37 bids on the third and final day of trading on Friday. The quota reserved for qualified institutional buyers (QIBs) was booked 10.04 times. At the same time, the quota for retail investors was booked 20.76 times, and for non-institutional investors (NIIs) 28.55 times.

Usha Financial Services IPO GMP

The gray market premium or GMP for the Usha Financial Services IPO was Rs ₹10 on the last day of the IPO. This indicates that shares of Usha Financial Services are trading ₹10 above the upper band of the IPO price ₹168. According to the current trend, the stock can be quoted at the level ₹178, a premium of 5.95% over the IPO price.

Narnolia Financial Services and Unistone Capital Pvt Ltd are the lead managers for the Usha Financial Services IPO, while Skyline Financial Services is the underwriter for the issue. The market maker for the Usha Financial Services IPO is SS Corporate Securities.