iValue Infosolutions raises Rs 168 crore via anchor book ahead of Rs 560-crore IPO

iValue Infosolutions IPO News

Technology services & solutions aggregator iValue Infosolutions has mobilised Rs 168.08 crore from 11 institutional investors via anchor book on September 17, a day before the issue opening.

The Bangalore-based company will open its Rs 560-crore initial share sale on September 18, and close on September 22. The price band for the offer has been fixed at Rs 284-299 per share.

"...has finalised allocation of 56,21,686 equity shares to anchor investors at Rs 299 per share," iValue in its filing to exchanges said.

ICICI Prudential Innovation Fund was the largest investor in the company via anchor book, acquiring 16.72 lakh shares for Rs 50 crore. This follows Unifi Bcad Fund which bought 8.36 lakh shares for Rs 25 crore.

UTI Mutual Fund, and Nuvama Crossover Opportunities Fund picked 6.68 lakh shares each in iValue for Rs 20 crore.

Other anchor investors including Citigroup Global, Kotak Iconic Fund, Societe Generale, Bengal Finance, and Sameeksha India Equity Fund also participated in the book.

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iValue Infosolutions, which seeks valuation of over Rs 1,600 crore, is raising Rs 560.29 crore entirely via offer-for-sale (OFS) of 1.87 crore shares. This means the entire IPO proceeds, excluding offer expenses, will be received by the selling shareholders.

There will be total 13 selling shareholders in the OFS including promoters - Sunil Kumar Pillai, Krishna Raj Sharma, Srinivasan Sriram, and Hilda Sunil Pillai.

Sundara (Mauritius), the largest shareholder in iValue with 30.53 percent stake, is selling 1.1 crore shares via OFS.

The technology solutions specialist primarily serves enterprises in their digital transformation by understanding their needs and collaborating with system integrators and OEMs to identify, recommend, and deploy solutions.

The merchant bankers handling the iValue Infosolutions IPO are IIFL Capital Services, and Motilal Oswal Investment Advisors.