Ujjivan Financial Services sees robust listing, shares jump over 10%

Mumbai: Shares of microfinance player Ujjivan Financial Services today made a strong debut at the bourses, surging more than 10 percent over the issue price of Rs 210. The stock listed at Rs 227, soaring 8 percent compared with the issue price on BSE. It later touched a high of Rs 244, reflecting a sharp gain of 16.19 per cent.At NSE, the stock debuted at Rs 231.90, rising by 10.42 percent. The company's market valuation stands at Rs 2,836.61 crore.The Rs 885-crore IPO of Ujjivan Financial Services was oversubscribed nearly 41 times earlier this month.[caption id="attachment_2773834" align="alignleft" width="380"] Representational image. Reuters[/caption]Ujjivan's issue comprised fresh issuance of shares worth Rs 358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders.The issue was managed by Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings.The company, has already received in-principle nod to set up a small finance bank.In view of listing of shares of the company on the stock exchange, the aggregate investment ceiling for Foreign Institutional Investor/Registered Foreign Portfolios Investors investment under Portfolio Investment Scheme shall remain at 49 percent, RBI said in a notification. It further said the aggregate limit for NRI investment shall not exceed 10 percent.Companies who have received RBI in-principle approval to set up a small finance bank, need to bring down their foreign shareholding to 49 percent.