Unicommerce Esolutions IPO bought 2.43 times on first day of bidding, retail portion booked 10x

Unicommerce Esolutions IPO

The Unicommerce Esolutions IPO has garnered strong interest from investors on its first day of bidding, getting fully subscribed despite subdued equity market conditions on August 6.

The SaaS platform aims to raise Rs 276.57 crore through its initial public offering of 2.56 crore equity shares at the upper price band, which comprises of only an offer-for-sale (OFS) component by the existing shareholders. Promoter AceVector will sell 94.38 lakh shares and investor SB Investment Holdings (UK) 1.6 crore shares via the OFS.

Investors picked 3.42 crore equity shares on August 6, which were 2.43 times higher than the offer size of 1.4 crore shares, the subscription data on the exchanges showed.

Retail investors looked aggressive in the bidding, buying 9.98 times the allotted quota, and non-institutional investors (high networth individuals) were at the second spot, bidding 2.26 times the reserved portion.

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Qualified institutional buyers purchased 21,252 equity shares so far on Tuesday, against the 76.82 lakh shares set aside for them.

The company that manages e-commerce operations for brands, sellers and logistics service providers has mobilised Rs 124.5 crore through its anchor book launched for a day on August 5. Morgan Stanley, HDFC Mutual Fund, SBI Mutual Fund, Kotak Mahindra Trustee, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Trustee, The Prudential Assurance Company, and Franklin India Technology Fund were some of the institutional investors participated in the anchor book.

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All the issue proceeds will go to the selling shareholders and the company will not receive any money from the IPO.

The maiden public issue will close on August 8 and its price band is Rs 102-108 per share.

Up to 75 percent of the total public issue size has been reserved for qualified institutional buyers, 15 percent for non-institutional bidders, and the remainder 10 percent for retail investors.