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Ujjivan Financial Services' IPO fully subscribed

UjjivanFinancial Services Pvt. Ltd.'s 8.85 billion rupees IPO was fullysubscribed by May 2, the last day of the offering, India's Mint reported the same day, citing data from stock exchanges.

The company issued 3.58 billion rupees worth of new shares,while existing investors sold around 24.9 million shares. An earlier said the investors'shares were worth 5.14 billion rupees to 5.24 billion rupees.

The company set the band for the shares at 207 rupees to 210rupees per share.

The public issuance is expected to the company's foreignshareholding to around 45%, a move that will help it meet regulatoryrequirements for a small finance bank. Among the foreign investors, which soldtheir shares, are International Finance Corp., Dutch development bank FMO,Women's World Banking Capital Partners andMauritius Unitus Corp.

Ujjivan Financial Services also raised 2.92 billion rupeesby selling shares to institutional investors in a round in February.

As of April 29, US$1was equivalent to 66.37 Indian rupees.