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Newest Bank to List in India Surges as Much as 70% in IPO

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Ujjivan Small Finance Bank Ltd., backed by investors including Aberdeen Standard Investments and Monetary Authority of Singapore, rallied as much as 70% after the lender raised funds in the most-subscribed IPO of 2019.

Investor demand exceeded shares on offer by 166 times as the lender got bids for 20.53 billion shares versus an issue size of 124 million shares. The shares were sold in a price band of 36-37 rupees each.