RBL Bank-backed microlender Utkarsh SFB plans ₹500 crore IPO

MUMBAI : RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO), three people aware of the matter said. “The bank is presently in the process of appointing investment banks for its proposed IPO, which is expected to be around ₹500 crore in size,” said one of the three people, all of whom spoke under condition of anonymity. Established in 2009, USFB is wholly owned by Utkarsh Coreinvest Ltd (erstwhile Utkarsh Micro Finance Ltd) and counts CDC Group Plc, the development…

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