Ujjivan Small Finance Bank shares surge as much as 70% on listing

Shares of Ujjivan Small Finance Bank rallied as much as 70% after the lender raised funds in the most-subscribed Initial Public Offering (IPO) of 2019. Ujjivan Financial Services diluted its stake in the small finance bank from 94.4% to 80% through the IPO. Ujjivan Small Finance Bank has to reduce its promoter shareholding to 40% by February 2022.