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PNN
Mumbai (Maharashtra) [India], October 21: Usha Financial Services Limited, operates as a non-banking finance company that provides lending solutions and a diversified range of financial products, proposes to open its Initial Public Offering on October 24, 2024, aiming to raise Rs 98.45 Crore with shares to be listed on the NSE Emerge platform. The issue size is Up to 58,60,000 equity shares at a face value of Rs 10 each. Equity Share Allocation * QIB Anchor Portion - Up to 16,60,800 Equity Shares* Net Qualified Institutional Buyer - Up to 11,08,000 Equity Shares* Non-Institutional Investors - Not Less than 8,31,200 Equity Shares* Retail Individual Investors - Not Less than 19,39,200 Equity Shares* Market Maker - 3,20,800 Equity Shares* The net proceeds from the IPO will be utilized to augment the company's capital base, serve general corporate purposes, and issue expenses. The anchor bidding will open on October 23, 2024, and the issue will close on October 28, 2024. The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited & Unistone Capital Private Limited, The Registrar to the Issue is Skyline Financial Services Private Limited. Rajesh Gupta, Promoter and Managing Director, of Usha Financial Services Limited expressed, "As the company prepares for its IPO, we are proud to reflect on our journey and achievements. Operating as an NBFC registered with the Reserve Bank of India as an NBFC-ICC, we offer diversified lending solutions to NBFCs, MSMEs and individuals, particularly women entrepreneurs. Our financial products also include electric vehicle financing, showcasing our commitment to meeting diverse client needs while supporting to eco-friendly transportation and a cleaner environment. The upcoming IPO signifies an important turning point in our journey. We believe going public will strengthen our financial position, establish a market for our shares in India and support key initiatives for business growth. This move will reinforce our commitment to delivering value while positioning us for long-term success." Vipin Agrawal, Director- Investment Banking Division of Narnolia Financial Services Limited said, "Usha Financial Services Limited is set to take a big step forward with its upcoming IPO. This decision presents an important opportunity to drive growth and encourage innovation, particularly as the industry rapidly expands. The company has shown success across sectors by providing lending solutions to NBFCs, MSMEs and individual entrepreneurs, especially women. This IPO will raise the capital required to strengthen our financial base, facilitate strategic acquisitions and advance our long-term business goals. We are confident that the company is well-equipped to take advantage of these industry trends for sustained success and we look forward to joining them on this exciting new journey." Brijesh Parakh, Associate Director of Unistone Capital Private Limited said, "Usha Financial Services Limited is about to embark on an exciting journey with its upcoming IPO. As a fast-growing industry, the company is well placed to leverage emerging opportunities for continued growth and market expansion, having experienced success in delivering lending solutions to NBFCs, MSMEs and individual entrepreneurs, particularly women. This IPO will allow the company to raise the funds needed to strengthen our financial base and achieve our long-term goals. We believe the company is ready to take advantage of industry trends for ongoing success and we look forward to this new journey together." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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