IPO
AVP Infracon’s Rs.52-Cr SME IPO subscribed 22 times
The INR 52.34 crore initial public offering of Chennai-headquartered AVP Infracon Ltd was oversubscribed nearly 22 times.The offer received bids for 9,46,49,600 shares as against 43,77,600 shares on offer. In the non-institutional buyers’ (NIBs) category, the issue received bids for 4,40,73,600 shares against 9,39,200 shares on offer, translating to a subscription of 47 times. Retail investors submitted bids for 4,92,65,600 shares against 21,90,400 shares reserved for them, subscribing the portion 22.49 times. AVP Infracon IPO price band was fixed at INR 71 to INR 75 per share of face value of INR 10 each.Qualified institutional buyers (QIBs)’ portion was fully subscribed as the bidders applied for 13,10,400 shares against 12,48,000 shares reserved for the segment. The company had raised INR 14.03 crore from anchor investors by allocating 18,70,400 shares (26.80% of the offer) on March 12. The company also offered 7,31,200 shares or 10.48% of the offer to market maker, Share India Securities.Share India Capital Services is the book-running lead manager of the IPO. The company’s shares are expected to be listed on the NSE SME platform.Established in 2009, AVP Infracon is into the construction of road projects based on Bill of Quantities (BOQ) and Engineering, Procurement, and Construction (EPC) contracts.
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