The IPO of Hyderabad-based Likhitha Infrastructure managed to sail through after the issuer made a number of tweaks to the issue structure.
The Rs 61-crore offering garnered 9.5 times subscription. The IPO was to close on Thursday but was extended due to shortfall in bids from qualified institutional buyers (QIB), even as the retail portion saw strong demand.
Likhitha reduced the IPO price band and also cut the size of the QIB portion from 2.55 million shares to just 51,000 shares—just one per cent of the total IPO size of 5.1 million shares.
The shares in the high-networth individual (HNI) portion were increased from 15 per cent of the issue to 64 per cent of the issue.
The reduce QIB book was subscribed 22 times, garnering 1.12 million bids. The HNI book garnered 1.5 times subscription and the retail portion was subscribed 24 times.
Likhitha is an oil and gas pipeline infrastructure service provider. The company provides pipelines for the energy sector and city gas distribution projects.
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