Udayshivakumar Infra IPO subscribed 30.63 times on last day of offer

The initial share sale of Udayshivakumar Infra received 30.63 times subscription on the last day of the offer on Thursday, helped by huge interest from institutional investors.

The company's initial public offering (IPO) received bids for over 61.26 crore shares against 2 crore shares on offer, according to data available with the NSE.

The portion for non-institutional investors was subscribed a whopping 60.42 times, while Qualified Institutional Buyers (QIBs) quota attracted 40.47 times subscription and Retail Individual Investors (RIIs) category got subscribed 14.10 times.

The IPO offered fresh equity shares of up to Rs 66 crore and was priced in a range of Rs 33-35 a share.

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

Udayshivakumar Infra is in the business of the construction of roads. It bids for roads, bridges, canals and industrial area construction projects in Karnataka, including government departments.

Saffron Capital Advisors was the manager to the offer.

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