The maiden public issue of Infonative Solutions, which provides learning content solutions for the corporate and education sectors, has received decent response from investors on the final day of bidding, i.e. April 3, subscribing 4.35 times.
Investors have applied for 1.36 crore equity shares during March 28-April 3, compared to the offer size of 31.28 lakh shares via 5,835 applications, the subscription data on the BSE showed.
Qualified institutional buyers led the charge, buying 18.57 times their allotted quota, followed by retail investors who picked 4.25 times their reserved portion. The part set aside for non-institutional investors was subscribed 1.94 times.
The IPO share allotment will get finalised by April 4. Investors can start trading in Infonative shares on the BSE SME effective April 8.
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New Delhi-based Infonative Solutions, which develops e-learning content & services and courseware & other product including providing cloud-based learning management system (LMS), approached capital markets to raise Rs 24.71 crore via initial public offering which comprises of solely fresh issue of 31.28 lakh shares.
The price band for the offer was Rs 75-79 per share.
The company intends to spend Rs 7.35 crore out of issue proceeds for development of new products, courses and new features in LMS and purchase of laptop, and Rs 5 crore for working capital requirements. The remainder funds will be used for general corporate purposes and unidentified acquisitions.
Share India Capital Services is acting as the sole book running lead manager for Infonative Solutions IPO.
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