Initial public offering of Udayshivakumar Infra to kick off on Mar 20

The initial share sale of Udayshivakumar Infra Ltd is set to open for public subscription on March 20.

The three-day initial public offering (IPO) would conclude on March 23. The bidding for anchor investors would open on March 17, the red herring prospectus (RHP) filed with Sebi showed on Tuesday.

The IPO consists of fresh issue of equity shares aggregating to Rs 66 crore.

Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes.

"With the Nifty down by around 10 per cent from the peak and underperforming other markets in 2023, the sentiments have turned negative. This is not a favourable time for IPOs, however, attractively priced IPOs will attract investors," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

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.

Shares of the company will be listed on the BSE and National Stock Exchange (NSE). PTI SP

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