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UMA Exports on the second day of its initial public offering (IPO) received more than 4 times subscriptions driven by qualified institutional and retail investors. The company launched its IPO on March 28 and will allow subscriptions till March 30.
On Tuesday, data given on NSE showed that the IPO received consolidated bids of 3,84,76,680 equity shares against its offered size of 92,30,769 equity shares - subscribing by 4.17 times.
The portion reserved for qualified institutional investors (QIB) was fully subscribed by 1 time, while the portion reserved for retail individual investors (RII) is subscribed by a whopping 5.62 times and non-institutional investors saw a subscription of 94% against its reserved portion.
The issue is a 100% book building and the size is to the tune of ₹60 crore. A price band of ₹65 to ₹68 apiece is fixed on the issue. The bid lot will be 220 Equity Shares and in multiples thereof. Corporate CapitalVenture is acting as the book running lead manager of the issue.
The company plans to utilize net proceeds for the augmentation of working capital requirements and general corporate purposes.
Post the issue, Uma Exports will be listed on stock exchanges BSE and NSE.
Incorporated initially in March 1988, Uma Exports diversified from export of building materials to export of agricultural produce and commodities in the year 1997. Since then, the company is engaged in trading and marketing agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, food grains like rice, wheat, corn, sorghum and tea, pulses, and agricultural feed like soyabean meal and rice bran de-oiled cake.
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