Usha Financial Services IPO: GMP jumps from ₹18 to ₹40 as NSE SME IPO declares price band

Usha Financial Services IPO GMP: The grey market premium (GMP) for Usha Financial Services IPO surged from ₹18 to ₹40 after the company revealed its price band. The SME IPO, aiming to raise ₹98.45 crore, will open for subscription on October 24 and close on October 28. The price band is set at ₹160 to ₹168 per share, with a lot size of 800 shares.

Founded in 1995 in Patparganj, Delhi, Usha Financial Services operates as a non-banking financial company (NBFC). The company offers financial solutions to other NBFCs, MSMEs, and individuals, with a special focus on supporting women entrepreneurs and electric vehicle financing. In FY24, its net worth stood at ₹10,602.63 crore, compared to ₹8,207.38 crore in FY23.

Breakdown of Usha Financial Services IPO

The IPO will entirely be a fresh issue of 58.6 lakh shares. Retail investors can bid for a minimum of 800 shares, requiring an investment of ₹1,34,400. High-net-worth individuals (HNIs) need to subscribe to at least two lots (1600 shares), requiring an investment of ₹2,68,800.

Skyline Financial Services is acting as the registrar for the IPO, with Narnolia Financial Services and Unistone Capital serving as the lead managers. SS Corporate Securities will be the market maker.

The allotment of shares is scheduled for October 29, with refunds likely by October 30. Shares will be credited to investors' demat accounts on the same day. The IPO is expected to list on the NSE SME platform on October 31.

Key details include a face value of ₹10 per share and a total issue size of 58.6 lakh shares. Investors using UPI must confirm their payment mandates by 5 PM on October 28 to ensure successful participation.

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