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Utkarsh Small Finance Bank, the fifth small finance bank to be listed, has launched an initial public offer of INR5bn ($66m). The funding will enable the bank to expand its business over the next two years, according to managing director Govind Singh. The shares are priced at between INR23 and INR25, with a face value of INR10. Jana and Fincare are among other small finance banks looking to raise equity via a public offering.

Utkarsh Small Finance Bank is launching an IPO of fresh issue shares worth INR500 crore ($67m) to increase its Tier 1 capital base in order to meet future requirements. The bank was established in 2016 and began operations the following year, offering a range of deposit products to three million customers mostly located in rural areas.

The offer will see fresh shares worth Rs 2,700m and a stake worth Rs 1,350m by exiting shareholder SAIF Partners India IV Limited. Proceeds from the IPO will be used for working capital and general corporate purposes. The bid deadline is 6 July, with shares being offered between Rs 301 and Rs 317 each.

PKH Ventures, a construction and development company, will be launching its initial public offering (IPO) on June 30. The IPO will be open for subscription until July 4, with the company's shares currently trading at a slight premium of Rs 8-9 in the unlisted market. The IPO includes a fresh equity issue of up to 1.82 crore shares and an offer for sale (OFS) of up to 73.7 lakh units. The proceeds from the IPO will be used for investment in subsidiaries, acquisitions, and general corporate purposes. PKH Ventures has a diverse business model and an asset-light civil construction business.

Cyient DLM is set to start its initial public offering on Tuesday, offering shares in the range of Rs 250-265 with a total value of up to Rs 592 crore. Ahead of the IPO, the company's shares have commanded a premium of Rs 90 in the unlisted markets. At the upper price band, Cyient DLM is available at P/E of 66.2x FY23 earnings. The firm specialises in the entire lifecycle of an electronics product, including design, build and maintenance, and is offering a fresh issue of equity shares.