Home/ Markets / Ipo/  Udayshivakumar Infra IPO's share allotment next week. What GMP signals

Udayshivakumar Infra Ltd's initial public offering (IPO) was subscribed 5.15 times on the third day of subscription on Wednesday that opened on on Monday, March 20, 2023. The issue had a price band of 33 to 35 per share. The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, as per the exchange data.

The quota for non-institutional investors was subscribed 8.47 times, while the category for Retail Individual Investors (RIIs) received 4.14 times subscription and Qualified Institutional Buyers (QIBs) 1.21 times.

As per market observers, UdayShivakumar Infra shares are commanding a premium (GMP) of 14 in the grey market today, higher from 10 in the previous sessions. 

The finalisation of the basis of share allotment of the initial share sale is expected to take place next week on Tuesday March 28, 2023. MAS Services Limited is the registrar of the public issue. Shares of the company are expected to be listed on the BSE and National Stock Exchange (NSE) on April 3, 2023.

Udayshivakumar Infra IPO consisted of fresh issue of 20,000,000 equity shares of the face value of 10 aggregating to 66 crore. Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes.

Udayshivakumar Infra is in the business of construction of roads. It bids for roads, bridges, canals, and industrial area construction projects in Karnataka, including government departments. The entity is working on twenty-five ongoing projects. Udayshivakumar is the Promoter of the company.

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Updated: 24 Mar 2023, 11:32 AM IST
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