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Usha Financial Services made a subdued debut on the NSE SME platform on October 31, opening at Rs 164, which is 2.4% below its issue price of Rs 168. The IPO, valued at Rs 98.45 crore, involved a fresh issuance of 58.6 lakh shares, with bidding taking place from October 24 to 28. Retail investors needed a minimum investment of Rs 1.34 lakh, while high-net-worth investors required Rs 2.69 lakh.
Usha Financial Services' IPO was subscribed 3.13 times on the second day of bidding, with investors applying for 1.31 crore equity shares against an issue size of 41.99 lakh shares. The non-banking finance company aims to raise Rs 98.45 crore at a price band of Rs 160-168 per share, closing on October 28. Retail investors showed strong interest, subscribing 4.61 times their quota, while non-institutional and qualified institutional buyers subscribed 3.63 and 1.07 times, respectively.
Danish Power's IPO has achieved a remarkable 117.9 times subscription, making it the largest-ever SME IPO, with investors purchasing 44.14 crore equity shares against an offer of 37.44 lakh shares. The Jaipur-based transformer manufacturer opened its share sale on October 22, aiming to raise Rs 197.9 crore at a price band of Rs 360-380 per share. Notably, the company secured Rs 55.63 crore from 19 anchor investors prior to the IPO launch.
Usha Financial Services is set to open its IPO for public subscription on October 24, with a grey market premium indicating a 27% rise. The RBI-registered Non-Banking Financial Company (NBFC) aims to enhance its offerings in MSME lending and green finance, among other sectors.
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