Udayshivakumar Infra will finalise the share allotment of its well-received initial public offering on March 28. The public issue, which was open for bidding from March 20 to 23, was subscribed 30.63 times, with participants sending in bids for Rs 2,144.1 crore worth of shares against an offer size of Rs 66 crore.
High networth individuals bought 60.42 times their allotted quota of shares and qualified institutional buyers bids 40.47 times the portion set aside for them. The portion reserved for retail investors was subscribed 14.10 times.
The price band for the public issue was Rs 33-35 a share.
The Karnataka-based road construction company will utilise proceeds for its incremental working capital requirements and general corporate purposes.
Participants can check their share allotment status on the BSE website or the IPO registrar portal by following a few easy steps.
On the BSE website:
a) Select option 'Equity' and issue name 'Udayshivakumar Infra Limited'
b) Enter either the application number or the permanent account number (PAN)
c) Check the box "I'm not a robot", and click on the search button.
On the IPO registrar portal,
a) Select and enter either DPID/Client ID or PAN
b) Click on the search button to know the allotment status
The company will issue refunds to the bank accounts of unsuccessful investors by March 29 and shares will be credited to the demat accounts of eligible investors by March 31.
Udayshivakumar Infra will make its debut on the BSE and NSE on April 3, as per the schedule available in the IPO prospectus.
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Grey Market Premium
Currently, the share is traded with more than 25 percent premium in the grey market to the upper end of the price band at Rs 35, analysts said.
The grey market is an unofficial platform for trading in IPO shares. The trading starts with the announcement of the price band and continues till the share lists on the bourses.
This was the last IPO of the March quarter, which saw only two more offerings - Divgi TorqTransfer Systems and Global Surfaces.
Around Rs 633 crore were raised during the quarter against Rs 7,600-crore worth of IPOs in the year-ago period.
Subdued market conditions, including the US banking crisis, policy tightening by central banks and growth worries, weighed on sentiment, experts said.
"There is always room for good companies to raise money. Given so much, Indian markets have held on and are not too far from all-time highs. This resilience with more financialisation of savings bodes well for IPO aspirants," Abhishek Banerjee, smallcase manager & founder and CEO of Lotusdew said.
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