Unicommerce Esolutions IPO sees strong response on day 2; sees 12.23x subscription

Unicommerce Esolutions IPO

Unicommerce Esolutions' maiden public issue recorded a massive 12.23 times subscription on its second day of bidding (August 7), backed by retail investors and non-institutional bidders.

The software products provider opened its public issue on August 6, targeting to mobilise Rs 276.57 crore via an offer-for-sale. The price band for the offer has been fixed at Rs 102-108 per share.

Investors bought 17.22 crore equity shares till August  as against the offer size of 1.4 crore equity shares, the subscription data available with the exchanges showed.

Retail investors took the lead, buying 35.57 times the portion set aside for them, and non-institutional bidders (high networth individuals) jumped to the second position, picking 19.51 times the allotted quota. Qualified institutional buyers bid 0.8 times the reserved portion.

Also read: FirstCry IPO sees 30% subscription on second day of bidding, retail portion fully booked

Unicommerce Esolutions, a SaaS platform managing e-commerce operations for brands, sellers, and logistics service firms, will close its maiden public issue on August 8.

It has already raised Rs 124.5 crore through its anchor book on August 5. Morgan Stanley, ICICI Prudential Mutual Fund, SBI Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Franklin India Technology Fund, and DSP Multicap Fund were some of the institutional investors participated in the anchor book.

The entire issue proceeds will be received by the selling shareholders - promoter AceVector, and investor SB Investment Holdings (UK), while the company will not receive any money from the public issue.