Mumbai-based IT service provider Unified Data-Tech Solutions closed its Rs 144.5 crore initial public offering on May 26 after subscribing 84.92 times.
Despite being an entire offer-for-sale of 52.92 lakh shares with no fresh issue component, the public issue received overwhelming response, with bids for 32.14 crore equity shares, compared to the offer size of 37.85 lakh shares via 2.1 lakh applications. Total bids were worth Rs 8,775.66 crore at a price of Rs 273 per share.
Non-institutional investors were most-aggressive while bidding for the offer, buying 157.05 times their allotted quota. Qualified institutional buyers and retail investors also boosted the offer subscription numbers by booking 83.88 times and 43.62 times their portions set aside for them.
The company that provides IT solutions for data centers, virtualization, cybersecurity, and networking of several industries will finalise the IPO share allotment on May 27. Investors can start trading in Unified shares on the BSE SME, effective May 29.
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Unified Data-Tech IPO shares traded at around 30-40 percent premium in the grey market, the unofficial market for trading in IPO shares till the listing, the market observers said. Generally, participants look at the grey market premium to know about the expected listing price.
Hem Securities acted as the merchant banker for Unified Data-Tech IPO.
The company, which seeks valuation of nearly Rs 550 crore, already received Rs 41.14 crore on May 21 by allotting 15.06 lakh shares to anchor investors. All IPO funds, excluding offer expenses, will go to the selling shareholder i.e. promoter Hiren Rajendra Mehta.
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