The initial share sale of Desco Infratech, an infrastructure company, has fully subscribed at 2.26 times on March 24, the first day of bidding, backed by support from across categories of investors. The issue will close on March 26.
The company intends to raise Rs 30.75 crore via public issue of 20.5 lakh shares at the upper end of the price band of Rs 147-150 per share. The book-built issue comprises solely fresh issues.
Investors have bid for 33.24 lakh equity shares against the offer size of 14.73 lakh shares via 2,023 applications, the subscription data published on the BSE showed.
Retail and non-institutional investors provided the maximum support to the issue on day 1, subscribing 2.81 times and 2.53 times their reserved portions, respectively. The part set aside for qualified institutional buyers was subscribed to 98 per cent.
Click Here To Read All IPO News
Desco Infratech which provides infrastructure and maintenance services to city gas distribution divisions in India has raised Rs 8.66 crore by allotting 5.77 lakh shares to three institutional investors via anchor book on March 21.
The IPO proceeds will be utilised for setting up of a corporate office in Surat, purchase of machinery, working capital requirements, and general corporate purposes.
The merchant banker handling the public issue is Smart Horizon Capital Advisors.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
