The initial public offering (IPO) of Road developer Udayshivakumar Infra was subscribed 58 percent on March 20, the first day of bidding, despite weakness in broader equity markets.
Investors put in bids for 1.15 crore equity shares against offer size of 2 crore shares, as per the data available on exchanges.
Retail investors and high net-worth individuals (non-institutional investors) bought 44 percent and 73 percent of the portion respectively set aside for them, while qualified institutional investors have bid for 97 percent shares of the alloted quota.
The Karnataka-based road construction company is planning to raise Rs 66 crore via public issue at higher end of price band at Rs 33-35 per share.
The offer is completely a fresh issuance of 2 crore shares, and there is no offer for sale portion. All the offer proceeds, excluding issue expenses, will be utilised for incremental working capital requirements, besides general corporate purposes.
The last date for the bidding is March 23 as banks are shut on March 22 for Gudhipadwa.
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The IPO share allotment will get finalised by the company by March 28. The refunds will be credited to bank accounts of unsuccessful investors by the end of March 29 and eligible candidates will get shares in their demat accounts by March 31.
The shares of Udayshivakumar Infra will make their debut on the bourses on April 3 as per the schedule available in the IPO papers.