Unified Data- Tech Solutions' maiden public issue has fully subscribed at 2.3 times on the first day of bidding, i.e. May 22, with investors buying 87.08 lakh shares compared to offer size of 37.85 lakh shares via 14,860 applications.
The Mumbai-based IT solutions provider aims to mobilise Rs 144.47 crore via initial public offering of 52.92 lakh shares. The price band for the issue is Rs 260-273 per share.
Retail investors were at the forefront to support the issue subscription numbers, bidding 3.21 times their allotted quota, while the parts set aside for non-institutional investors and qualified institutional buyers were subscribed 1.53 times and 1.49 times, respectively.
Unified Data- Tech Solutions' IPO is entirely an offer-for-sale. Hence, the issue proceeds will go to the selling shareholder Hiren Rajendra Mehta, the promoter.
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The company that seeks valuation of nearly Rs 550 crore has already raised Rs 41.14 crore by allotting 15.06 lakh shares to 18 anchor investors including Bharat Venture Opportunities Fund, Aarth AIF Growth Fund, Mind Focused Growth Fund, Finavenue Capital Trust, India Max Investment Fund, Innovative Vision Fund, and Strategic Sixth Sense Capital Fund.
The issue will close on May 26. HEM Securities is acting as the merchant banker for Unified Data- Tech Solutions IPO.
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