NEW DELHI: The initial public offering by Ujjivan Small Finance Bank, which got fully subscribed on the first day itself, overall received 165.68 times subscription on the third and final day of the bidding process.The Ujjivan Bank is now the best IPO of 2019, overtaking IRCTC issue, which saw subscription of 112 times in October 2019.The issue received bids for 20,53,66,79,600 shares against the issue size of 12,39,58,333 shares, as per exchanges data.The quota reserved for Qualified Institutional Buyers (QIBs) was subscribed 110.72 times, Non Institutional Investors (NIIs) 473 times and retail 49 times.The Rs 750-crore issue was being sold in Rs 36-37 price band. At the upper end of the price band, the SFB is valued at 2.8 times its Q2FY2020 book value (pre-IPO) and 2.3 times on post dilution basis.A host of brokerages had given ‘subscribe’ ratings on the issue. Angel Broking finds the valuations attractive, considering similar businesses that trade at higher valuations. "Moreover, experienced management, pan-India presence and pristine asset quality provide comfort,” it said.Anand Rathi Financial Services is optimistic about the bank’s growth in advances, improving asset quality, sound capital position and diversified geographical footprint.ICICI Securities said the SFB started with a substantial proportion of MFI loans, led by the promoter business. But there has been a continuous focus on increasing share of non-MFI segment via introduction of new products including affordable loans, MSE loans and auto loans, it said. “USFB had a steady ride in terms of advances growth along with stable asset quality.”“Ujjivan Financial Services as an erstwhile microfinance institution, coupled with the ability to address mass market customers will further aid the bank to lead SFBs in India. The brokerage finds the valuations at a significant discount to its peers. It has a ‘subscribe’ rating on the issue with a long-term perspective,” Geojit Financial Services said in a note.