Udayshivakumar Infra IPO opens today. GMP, key details to know before you subscribe
The initial public offer (IPO) of Udayshivakumar Infra Ltd is set to open for public subscription on Monday, March 20, 2023 and the three-day share sale would conclude on Wednesday March 23. The bidding for anchor investors opened on Friday, March 17, 2023. The price band for the issue is fixed at ₹33 to ₹35 per share.
Udayshivakumar Infra IPO consists 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. A bidder will be able to apply in lots and one lot of the IPO comprises 428 shares of the company.
As per market observers, UdayShivakumar Infra shares are commanding a premium (GMP) of ₹10 in the grey market today. Shares of the company are expected to be listed on the BSE and National Stock Exchange (NSE) on April 3, 2023.
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. Udayshivakumar is the Promoter of the company. As of August 31, 2022, the Company had executed over 30 various projects in and around the State of Karnataka along with the erstwhile partnership firm, M/s. Udayshivakumar. The entity is working on twenty-five ongoing projects.
Saffron Capital Advisors is the lead book-running manager of the offer whereas MAS Services is the registrar of the initial share sale.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.