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Ujjivan Financial's up to $134 mln IPO sees strong demand

Reuters
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - Ujjivan Financial Services Ltd, one of the 10 winners of a license to set up a small finance bank, received bids worth more than 40 times the number of shares on offer in its initial public offering of up to $134 million.

Ujjivan's IPO follows the market debut of another small finance bank permit winner, Equitas Holdings Ltd, whose $327 million IPO last month was the biggest local share sale so far this year.

Ujjivan's IPO aims to raise up to 8.87 billion rupees ($134 million), including from the sale of part of the stakes from investors such as the World Bank's International Finance Corp and the sale of new shares.

Cornerstone investors have bought shares worth about 2.65 billion rupees as part of the IPO.

The share sale was open only to domestic investors.

($1 = 66.4007 rupees)

(Reporting by Devidutta Tripathy; Editing by Sunil Nair)