The initial share sale of Udayashivkumar Infra was subscribed 30.63 times on the last day of the offer on Thursday, helped by heavy interest from institutional investors.
The company’s initial public offering (IPO) received bids for 61.26 crore shares against 2 crore shares, as per the data available with NSE.
Non-institutional investors’ portion was subscribed 60.42 times, while qualified institutional buyers (QIBs) quota was subscribed 40.47 times and retail individual investors (RIIs) category was subscribed 14.10 times.
The IPO offered fresh equity shares up to Rs 66 crore and was priced at Rs 33-35 per share.
The proceeds of the issue will be used for incremental working capital requirements and for general corporate purposes.
Udayashivkumar is in the business of construction of infra roads. It bids for roads, bridges, canals and industrial sector construction projects in Karnataka, including government departments.
Saffron Capital Advisors was the manager of the offer.
The shares of the company will be listed on BSE and National Stock Exchange (NSE).
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