Udayshivakumar Infra IPO final day | Issue subscribed 30.63 times, retail portion booked 14.1 times

Representative image.

Udayshivakumar Infra's initial public offering (IPO) was subscribed 30.63 times on March 23, the fourth and the final day of bidding.

Investors had bought more than 61.26 crore equity shares against an offer size of 2 crore, data available on exchanges showed.

The portion set aside for high networth individuals (non-institutional investors) had been booked 60.42 times, while that of retail investors had been bid for 14.1 times.

Qualified institutional buyers, who only have 10 percent of the offer reserved for them, have bought 40.47 times the allotted quota.

Retail investors have the biggest chuck of 60 percent shares set aside for them in the issue, while 30 percent of the offer is reserved for high networth individuals.

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The offer was subscribed 5.15 times on its third day of bidding.

The Karnataka-based road construction company aims to raise Rs 66 crore through the IPO, which is completely a fresh issue. The proceeds will be used for incremental working capital requirements, the company has said.

The price band for the offer, which opened on March 20, is Rs 33-35 a share. The company, which is 100 percent owned by promoters, has nearly Rs 194 crore of market capitalisation at the upper end of the price band.