Likhitha Infrastructure IPO fully subscribed on first day

Proceeds of initial share-sale will be utilised by the company towards its working capital requirements so as to capitalise on the growing demand from oil and gas sector, and for general corporate purposes. The Hyderabad-headquartered firm has over two decades of experience in laying pipeline networks along with construction of associated facilities, as well as providing operations and maintenance services to leading city gas distribution companies in India.

The initial public offer of oil and gas pipeline infrastructure service provider Likhitha Infrastructure was fully subscribed on the first day of bidding on Tuesday. The IPO received bids for 51,35,500 shares against 51,00,000 shares on offer, translating into 1.01 times subscription, according to data available with the NSE.

Qualified institutional buyers (QIBs) category was subscribed 2 per cent, non-institutional investors 85 per cent and retail individual investors (RIIs) category was subscribed 2.49 times, as per the exchange data. The public offer to raise over Rs 61 crore is for 51 lakh shares and is in the price range of Rs 117-120 per share.

The initial share-sale will close for public subscription on October 1. Proceeds of initial share-sale will be utilised by the company towards its working capital requirements so as to capitalise on the growing demand from oil and gas sector, and for general corporate purposes.

The Hyderabad-headquartered firm has over two decades of experience in laying pipeline networks along with construction of associated facilities, as well as providing operations and maintenance services to leading city gas distribution companies in India. Unistone Capital is the book running lead manager to the offer. Shares of the company will be listed on BSE and NSE.