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IPO

Udayshivakumar Infra IPO subscribed over 30x

Business Standard  

The initial share sale of Udayshivakumar Infra received 30.63 times subscription on the last day of the offer. Udayshivakumar Infra bids for roads, bridges, canals and industrial area construction projects in Karnataka, including government departments. The company's initial public offering (IPO) received bids for over 61.26 crore shares against 2 crore shares on offer. The portion for non-institutional investors was subscribed 60.42 times, while Qualified Institutional Buyers (QIBs) quota attracted 40.47 times subscription. The Retail Individual Investors (RIIs) category got subscribed 14.10 times. The IPO offered fresh equity shares of INR 66 crore and was priced in a range of INR 33-35 a share. Proceeds of the issue will be used to fund incremental working capital requirements. Saffron Capital Advisors was the manager to the offer.