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<ul><li>The Varanasi-based bank aims to raise as much as ₹500 crore via the initial public offering. </li><li>The IPO opens on July 12 and will close on July 14. </li><li>The bank plans to use the net proceeds towards augmenting its tier-I capital base to its future capital requirements. </li></ul><keyword id="4093871" type="General" weightage="100" keywordseo="utkarsh-small-finance-bank" source="Orion">Utkarsh Small Finance Bank</keyword> has fixed a price band of ₹23-25 a share for its public issue, which will open on July 12 and close on July 14. The Varanasi-based bank aims to raise as much as ₹500 crore via the initial public offering, and the bids for anchor investors will open on July 11. Investors can bid for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter. The bank plans to use the net proceeds towards augmenting its tier-I capital base to its future capital requirements. “They (capital requirements) are expected to arise out of growth in the bank’s assets, primarily the bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time,” the bank said in its Red Herring prospectus. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,804 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,033 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,705 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹404 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹111 crore </td></tr></tbody></table>Source: RHP About the bank Utkarsh commenced operations in 2017 and its product suite includes a range of deposit products including saving accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities. As of March 2023, the lender's operations were spread across 26 states and Union Territories with 830 banking outlets serving 3.6 million customers majorly located in rural and semi-urban areas primarily in Bihar and Uttar Pradesh. The bank's gross loan portfolio has grown to ₹13,957.11 crore as of March 31, 2023, from ₹8,415.66 crore as of March 31, 2021. Its disbursements increased to ₹12,442.89 crore in fiscal 2023 from ₹5,914.01 crore in fiscal 2021. Also, deposits surged to ₹13,710.14 crore from ₹7,507.57 crore during the period. Risk factors The bank said in its RHP that it is subject to inspections by regulatory authorities, including by the RBI and non-compliance or adverse observations may have a material adverse effect on its business, financial condition, results of operation or cash flows. The bank’s former auditors, <keyword id="17956647" type="General" weightage="20" keywordseo="haribhakti-co-llp" source="Orion">Haribhakti &amp; Co. LLP</keyword>, Chartered Accountants, have been debarred by the RBI India from undertaking audit assignments for entities regulated by them for two years, with effect from April 1, 2022. “A significant portion of our advances in the microbanking segment are towards customers located in the states of Bihar and Uttar Pradesh, and any adverse changes in the conditions affecting the region can adversely impact our business, financial condition, results of operations and cash flows,” the bank said in its RHP. The bank has received a show cause notice from SEBI regarding alleged non-compliance of provisions of Companies Act 2013. It may result in penal actions, the bank said, adding that its non-convertible debentures are listed on BSE. “Our profit after tax declined from ₹111 crore in FY21 to ₹61 crore in FY22. While our profit after tax was ₹404 crore in FY23, there can be no assurance that we will be able to maintain profitability in the future,” the bank said. (With inputs from PTI)

Utkarsh Small Finance Bank IPO to open on July 12 – All you need to know

<ul><li>The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> is beginning to execute its enforcement framework announced in 2018 that brought non-banking financial companies (NBFC) under tighter scrutiny.</li><li>Under this framework, the central banker has barred <keyword id="4532818" type="General" weightage="20" keywordseo="haribhakti-co-llp" source="Orion">Haribhakti &amp; Co LLP</keyword> from auditing any entities regulated by the bank – this includes banks and NBFCs.</li><li>Earlier, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> had banned EY member firm <keyword id="1921391" type="General" weightage="20" keywordseo="sr-batliboi-co" source="Orion">SR Batliboi &amp; Co</keyword> for one year for lapses in its statutory audit of specific banks.</li></ul>India’s central bank, the Reserve Bank of India (RBI), banned Haribhakti &amp; Co LLP, an audit firm, from undertaking any audits of banks, non-banking financial companies and other entities regulated by the RBI for a period of two years. “This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company (NBFC),” RBI said in a press release on Tuesday. The ban on Haribhakti &amp; Co LLP is amongst the first few under the RBI’s enforcement action framework for statutory auditors, <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=44357">announced in June 2018</a>, which has provisions to debar audit firms which have “serious” lapses in their audits of banks. The central bank’s release underlines that the auditors in question have not complied with a specific direction under this framework. According to the press release, Haribhakti &amp; Co LLP will not be allowed to audit any entity that is regulated by the RBI. This ban comes into effect from April, 2022 and will be in force for two years. The auditors will be allowed to complete their existing audit assignments in the financial year 2021-22. In this case, RBI has not specified the “systemically-important” NBFC. As of 2019, there were 275 such entities and the list includes the likes of Bajaj Finance and Bajaj Finserv, Shriram Transport Finance, Power Finance Corporation, among others. Some of the companies that have been audited by Haribhakti &amp; Co LLP include Birla Sunlife AMC, Axis Bank, IndusInd Bank and <a href="https://www.businessinsider.in/finance/news/rbi-has-taken-two-srei-companies-out-of-board-control-after-payment-defaults/articleshow/86754390.cms">SREI</a> Infrastructure Finance as well as SREI Equipment Leasing. <div type="Video" msid="86962810" hostid="261" title="The vicious circle behind bad loans. Should banks be revealing the names of the big loan defaulters?" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid"><payload><![CDATA[Banks blame ratings agencies who blame auditors who in turn blame the banks, the vicious circle behind bad loans]]></payload></div> It is worth noting that this is not the first action that RBI has taken against auditors. Earlier, it had banned SR Batliboi &amp; Co., one of the top auditors in the country and a partner of global audit firm Ernst &amp; Young (EY), for lapses in its statutory audit of banks. <a href="https://www.business-standard.com/article/companies/rbi-bars-ey-group-s-batliboi-from-auditing-bank-books-for-one-year-119060301662_1.html">Reports</a> at the time suggested the banks were Yes Bank and Axis Bank, and the lapse was in not correctly identifying the non-performing assets of the banks to the tune of over ₹13,500 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/its-not-just-zostel-oyo-has-20-other-lawsuits-to-fight/articleshow/86959438.cms">It's not just Zostel, OYO has 20 other lawsuits to fight</a> <a href="https://www.businessinsider.in/tech/enterprise/news/infosys-may-beat-tcs-earnings-even-with-lower-deal-wins-in-september-quarter/articleshow/86952606.cms">Infosys may beat TCS earnings even with lower deal wins in September quarter</a> <a href="https://www.businessinsider.in/policy/legal/news/cloud-kitchens-are-restaurants-ice-cream-is-not-food-and-other-important-clarifications-that-will-affect-gst-rates/articleshow/86841614.cms">Cloud kitchens are restaurants, ice cream is not food and other important clarifications that will affect GST rates</a>

RBI has barred one of the country's top auditors from looking at the books of any company regulated by the central bank

<ul><li>The IPO received stellar response from QIBs on the last day of the issue</li><li>Retail and non-institutional investors also showed extensive interest in the issue. </li><li>The bank plans to use the net proceeds towards augmenting its tier-I capital base to its future capital requirements. </li></ul> <keyword id="4093871" type="General" weightage="20" keywordseo="utkarsh-small-finance-bank" source="Orion">Utkarsh Small Finance Bank</keyword>’s ₹500 crore IPO was subscribed 101 times over on the last day of the issue on Friday. The IPO received a stellar response from QIB on the last day as their portion was subscribed 125 times over the shares on offer. Non-institutional and <keyword id="6416579" type="General" weightage="20" keywordseo="retail-investors" source="Orion">retail investors</keyword> too showed strong interest in the issue. Utkarsh <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">Small Finance Bank</keyword> had fixed a price band of ₹23-25 a share for its public issue, which will close on July 14. It plans to use the net proceeds towards augmenting its tier-I capital base for its future capital requirements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">124.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">81.64 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">101.91 </td></tr></tbody></table>Source: BSE Healthy growth in loans and deposits Utkarsh commenced operations in 2017. It operates across 26 states and Union Territories with 830 banking outlets serving 3.6 million customers majorly located in rural and semi-urban areas primarily in Bihar and Uttar Pradesh. Its total income was at ₹2,804 crore in FY23, which grew by 37% over the year before. Its FY22 net profit however was a blip and fell to ₹61 crore, even as it recovered in FY23 to ₹404 crore. The bank's gross loan portfolio grew to ₹13,957.11 crore as of March 31, 2023, from ₹8,415.66 crore as of March 31, 2021. Its disbursements increased to ₹12,442.89 crore in fiscal 2023 from ₹5,914.01 crore in fiscal 2021. Also, deposits surged to ₹13,710.14 crore from ₹7,507.57 crore during the period. The bank said in its RHP that it is subject to inspections by regulatory authorities, including by the Reserve Bank of India (RBI) and non-compliance or adverse observations may have a material adverse effect on its business, financial condition, results of operation or cash flows. Incidentally, its former auditors, Haribhakti &amp; Co. LLP, have been debarred by the RBI from undertaking audit assignments for entities regulated by them for two years, with effect from April 1, 2022. The bank also received a showcause notice from markets regulator Securities and Exchange Board of India (SEBI) regarding alleged non-compliance of provisions of Companies Act 2013. Hold or sell after listing? Most analysts recommend subscribing to the issue on account of attractive valuations as compared to its peers but are divided on how long investors should hold on to it. “At the upper price band, the company is valued at a P/B of 1.39x with a return on net worth of 20.22%. We believe that the company is fairly priced and recommend a Subscribe-Long term rating to the IPO,” said Anand Rathi. SBI Securities also admits that it’s fairly priced compared to its close peers on similar valuation parameters. “We recommend investors to subscribe the IPO for listing at cut-off price,” it says. “Considering its resilient performance post Covid, consistent growth in loan book and deposits, healthy return ratios, best cost to income ratio, pan India presence and promising industry outlook, we assign a “Subscribe” rating on a short to medium-term basis,” says an IPO note by Geojit.

Utkarsh Small Finance Bank IPO subscribed 101x as QIBs make a beeline for it

<ul><li><keyword id="4093871" type="General" weightage="20" keywordseo="utkarsh-small-finance-bank" source="Orion">Utkarsh Small Finance Bank</keyword> stock listed at a 60% premium in line with grey market expectations.</li><li>The issue was subscribed 101 times with stellar response from QIBs.</li><li>The bank plans to use net proceeds towards augmenting its tier-I capital base for its future capital requirements. </li></ul>Utkarsh Small Finance Bank stock made its debut on the bourses at ₹40 which is a 60% premium over its IPO price – matching grey market expectations. After a brief slip up in the morning trade, the stock closed at ₹47.94 – that’s a 92% premium over its IPO price of ₹25. The company’s marketcap stood at ₹5,253 crore as per data on BSE. The ₹500 crore issue that received stellar response from investors was subscribed 101 times, with qualified institutional buyers (QIBs) subscribing it by 124.85 times over. The issue has fixed a price band of ₹23-25 a share for its public issue, which will close on July 14. It plans to use net proceeds towards augmenting its tier-I capital base for its future capital requirements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">124.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">81.64 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">101.91 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: BSE Hold or sell after listing? Most analysts had recommended subscribing to the issue on account of attractive valuations as compared to its peers but are divided on how long investors should hold on to it. “At the upper price band, the company is valued at a P/B of 1.39x with a return on net worth of 20.22%. We believe that the company is fairly priced and recommend a Subscribe-Long term rating to the IPO,” said Anand Rathi. SBI Securities also admits that it’s fairly priced compared to its close peers on similar valuation parameters. “We recommend investors to subscribe the IPO for listing at cut-off price,” it says. “Considering its resilient performance post Covid, consistent growth in loan book and deposits, healthy return ratios, best cost to income ratio, pan India presence and promising industry outlook, we assign a “Subscribe” rating on a short to medium-term basis,” says an IPO note by Geojit. Healthy growth in loans and deposits Utkarsh commenced operations in 2017. It operates across 26 states and Union Territories with 830 banking outlets serving 3.6 million customers majorly located in rural and semi-urban areas primarily in Bihar and Uttar Pradesh. Its total income was at ₹2,804 crore in FY23, which grew by 37% over the year before. Its FY22 net profit however was a blip and fell to ₹61 crore, even as it recovered in FY23 to ₹404 crore. The bank's gross loan portfolio grew to ₹13,957.11 crore as of March 31, 2023, from ₹8,415.66 crore as of March 31, 2021. Its disbursements increased to ₹12,442.89 crore in fiscal 2023 from ₹5,914.01 crore in fiscal 2021. Also, deposits surged to ₹13,710.14 crore from ₹7,507.57 crore during the period. The bank said in its RHP that it is subject to inspections by regulatory authorities, including by the Reserve Bank of India (RBI) and non-compliance or adverse observations may have a material adverse effect on its business, financial condition, results of operation or cash flows. Incidentally, its former auditors, Haribhakti &amp; Co. LLP, have been debarred by the RBI from undertaking audit assignments for entities regulated by them for two years, with effect from April 1, 2022. The bank also received a showcause notice from markets regulator Securities and Exchange Board of India (SEBI) regarding alleged non-compliance of provisions of Companies Act 2013.

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Utkarsh Small Finance Bank IPO to open on July 12 – All you need to know

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RBI has barred one of the country's top auditors from looking at the books of any company regulated by the central bank

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Utkarsh Small Finance Bank IPO subscribed 101x as QIBs make a beeline for it

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Utkarsh Small Finance Bank stock closes 90% above its IPO price

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