Highlights : Udayshivakumar Infra’s stock
- Udayshivakumar Infra’s IPO was subscribed 32.49 times by the third day of subscription.
- The IPO was priced in a range of ₹33-35 a share, and received bids for over 61.26 crore shares.
- Udayshivakumar Infra shares listed at a discount of more than 14% on NSE, at ₹30 apiece.
- Proceeds from the IPO will be used to fund incremental working capital requirements and general corporate purposes.
Udayshivakumar Infra Limited’s IPO was a hit among investors, as it was subscribed 32.49 times by the third day of subscription. The issue was priced between ₹33-35 per share, and the company offered fresh equity shares of up to ₹66 crore. However, the stock listed at ₹30 on the NSE, a discount of over 14% as compared to its issue price. On the BSE, Udayshivakumar Infra shares started trading at ₹33 per share.
Despite the listing price, institutional investors showed a lot of interest in the IPO, with the non-institutional investors’ portion being subscribed 60.42 times. Qualified Institutional Buyers (QIBs) quota attracted 40.47 times subscription and Retail Individual Investors (RIIs) category got subscribed 14.10 times.
Udayshivakumar Infra Limited is in the business of construction of roads and bids for various construction projects in Karnataka, including government departments. The company is working on twenty-five ongoing projects. The proceeds of the IPO will be used to fund incremental working capital requirements and general corporate purposes.
The Chairman and Managing Director, Udayshivakumar, along with Ms. Kamla K, Chief Risk Officer, BSE, and others, rang the BSE Bell to mark the listing ceremony of Udayshivakumar Infra Limited on 03rd April, 2023. Saffron Capital Advisors was the manager to the offer.