 "Likhitha Infrastructure IPO sails through after tweaks to structure")
The IPO of Hyderabad-based Likhitha Infrastructure managed to sail through after the issuer made a number of tweaks to the issue structure.
The Rs 61-crore offering garnered 9.5x subscription. The IPO was scheduled to close on Thursday, but was extended owing to the shortfall in bids in the qualified institutional buyer (QIB) segment, even though the retail portion had witnessed strong demand.
Likhitha reduced the IPO price band and also cut the size of the QIB portion from 2.55 million shares to a mere 51,000 shares — just 1 per cent of the overall IPO size of 5.1 million shares.
Shares in the high networth individual (HNI) portion were increased from 15 per cent of the issue earlier to 64 per cent.
The reduced QIB book was subscribed 22x, raking in 1.12 million bids. The HNI book received 1.5x subscription, while the retail portion was subscribed 24x.
Likhitha Infra is an oil and gas pipeline infrastructure service provider.
The company provides pipelines for the energy sector as well as for city gas distribution projects.
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