| The initial public offer (IPO) of Udayshivakumar Infra received bids for 4,39,05,952 shares as against 2,00,00,000 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (21 March 2023). The issue was subscribed 2.20 times.
The issue opened for bidding on Monday (20 March 2023) and it will close on Thursday (23 March 2023). The price band of the IPO is fixed at Rs 33-35 per share. An investor can bid for a minimum of 428 equity shares and in multiples thereof.
The offer comprises of fresh issue of equity shares aggregating upto Rs 66 crore.
Of the net proceeds from the issue, about Rs 45 crore will be used to fund incremental working capital requirements of the company and balance towards general corporate purposes.
Udayshivakumar Infra is engaged in the business of construction of roads, constructions of bridges across major and minor rivers, railway over bridges (ROB), construction of major and minor irrigation and canal projects, industrial areas, based in the State of Karnataka.
The company reported a net profit of Rs 10.02 crore and revenue from operations of Rs 106.61 crore for the six months ended on 30 September 2022.
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