Ujjivan Financial Services shares continue to rally ahead of its subsidiary's IPO

Shares of Ujjivan Financial Services continued their rally, rising further by nearly 4 per cent on Friday ahead of its subsidiary Ujjivan Small Finance Bank's initial public offering through which it plans to raise Rs 750 crore. The scrip jumped 3.45 per cent to close at Rs 338.85 on the BSE. During the day, it gained 5.78 per cent to Rs 346.50.

At the NSE, shares moved up 3.78 per cent to close the day at Rs 340.10. This is the sixth consecutive day of rally for the scrip, in which it has gained over 16 per cent.

On Wednesday, the company announced filing of documents of its subsidiary Ujjivan Small Finance Bank for its proposed initial public offering. Ujjivan Small Finance Bank is looking to raise Rs 750 crore through an initial public offering, which will see the lender's parent paring its stake to 85 per cent.

The bank has set a price band in the range of Rs 36-37. The issue opens on December 2 and closes on December 4.