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Likhitha Infra rises on debut

Capital Market 

Shares of Likhitha Infrastructure were trading at Rs 135 at 10:13 IST on the BSE, a premium of 12.5% over the initial public offer price of Rs 120.

The stock was listed at Rs 130.10, a premium of 8.42% to the initial public offer (IPO) price. So far the stock hit a high of Rs 136.6 and low of 125. On the BSE, 1.95 lakh shares were traded on the counter so far.

The IPO of Likhitha Infrastructure received was subscribed 8.43 times. The issue opened for bidding on 29 September 2020. It was set to close on 1 October 2020. However, due to weak participation from the qualified institutional buyers (QIBs), the IPO was extended till 7 October 2020. The company also revised its price band to Rs 116-120 from Rs 117-120 set earlier.

The public issue comprised a fresh issue of 51 lakh equity shares, representing 25.86% of post issue paid up equity. The company proposes to utilize the IPO proceeds towards meeting the working capital requirements (Rs 47 crore), general corporate purposes and issue expenses.

The company recorded sales of Rs 161.24 crore and profit after tax of Rs 19.88 crore in the year ended on 31 March 2020.

Likhitha Infrastructure (LIL) is an oil & gas pipeline infrastructure service provider in India. Its operations include three principal business lines: (i) cross country pipelines and associated facilities; (ii) city gas distribution including CNG stations; and (iii) operation & maintenance of CNG/PNG services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 15 2020. 10:09 IST
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