With profits in its pocket, Ujjivan Small Finance Bank heads for an IPO
Ujjivan Small Finance Bankhas received SEBI’s nod for an IPO.
- Its Q2 report also shows a profit of ₹93 crores.
- This year, the bank has also seen a change in its management with Nitin Chugh being named CEO and Sachin Bansal joining as an independent director.
According to reports, the bank had filed its request with the government body in August.
The bank also released its
"The quarter was good for us. The transition phase is over with most of our branches converting into the banking outlets. Our focus now is on growth," Ujjivan Financial Services' managing director and CEO, Ittira Davis, told PTI.
In May 2019, the bank had roped in HDFC Bank's digital banking head Nitin Chugh as its managing director and CEO. In the same month, Flipkart founder Sachin Bansal too joined the bank as an independent director.
With its parent company Ujjivan Financial Services, the bank started as a microfinance company but transformed into a small finance bank in 2017. It commenced operations with five pilot branches in Bengaluru. Today, it has over 180 branches across 20 states.
Yet another bank which lends to rural women, Bandhan Bank too has taken large strides this month. The bank’s stock will be listed at MSCI index in New York, giving it access to international investors. This is a large feat for a five-year old bank, especially amidst a brewing crisis in the Indian banking sector.