Karnataka-based construction company Udayshivakumar Infra has garnered decent demand for its initial public offering on second day of bidding, i.e. March 21, despite volatility in the equity markets.
The Rs 66-crore public issue has mopped up bids for 4.39 crore equity shares so far, against offer size of 2 crore shares subscribing 2.2 times as per the data available on exchanges.
All investors showed interest in the IPO as high networth individuals have subscribed 3.46 times the allotted quota and the portion set aside for qualified institutional buyers was subscribed 1.04 times.
Retail investors have bought 1.76 times the reserved portion.
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The road construction company has reserved 60 percent of its issue size for retail investors, 30 percent for high networth individuals and the balance 10 percent for qualified institutional buyers.
The public issue comprises only a fresh issue, and there is no offer for sale portion. The incremental working capital requirements will get fulfilled through fresh issue proceeds.
Udayshivakumar Infra, which primarily operates in Karnataka, will close its IPO on March 23.
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This is the third public issue in current calendar year after Divgi TorqTransfer Systems, and Global Surfaces.