AgenciesWhile the NII part was subscribed 32.58 times, the retail investors' category was subscribed 9.07 times. Qualified Institutional Buyers (QIBs) portion, meanwhile, was subscribed 7.98 times the allotted part.
About 60% of the offer is reserved for retail investors, while 30% is set aside for non-institutional investors. 10% of the issue is reserved for QIBs.
The company has fixed a price band of Rs 33-35, and investors can bid for 428 shares in 1 lot and multiples thereof. The shares are likely to list on both exchanges on April 3, while allotment is expected on March 28.
"The current grey market premium (GMP) of Udayshivakumar Infra is Rs 10 as of March 23rd, 2023. Considering the upper band price of Rs 35, the share could give a listing gain of 28% to investors," Manish Khanna, Co-founder of Unlisted assets, said.
Udayshivakumar Infra is engaged in the business of construction of various road projects, including national and state highways, district roads and smart roads under PM’s smart city mission projects etc.
Udayshivakumar Infra has clocked a revenue of Rs 185 crore in FY22, while profit stood at Rs 12 crore. Over FY20-22, it has seen a mixed growth trend, wherein revenue de-grew by 2.1% CAGR, while EBITDA was flat and PAT grew by 7.6% CAGR.
Saffron Capital Advisors is the lead book-running manager, and MAS Services is the registrar of the issue.
The company said proceeds of the issue would be used to fund incremental working capital requirements and general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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