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Report: Utkarsh Small Finance Bank selecting bankers to lead IPO

Microlender Utkarsh Small Finance Bank Ltd. is selecting investment banks to lead its IPO which will seek around 5 billion Indian rupees, Mint reported Sept. 18, citing three people aware of the matter.

Under India central bank's mandate, Utkarsh Small Finance Bank must list within three years of the launch of its operations. The bank received its small finance bank license in November 2016 and started operations in January 2017. It has until January 2020 to go public.

Utkarsh Small Finance Bank's CEO Govind Singh did not respond to the publication's email about the matter.

As of Sept. 18, US$1 was equivalent to 71.17 Indian rupees.