Likhitha Infrastructure IPO subscribed 3.11 times on second day of bidding

The price range for the offer, which is scheduled to close on Thursday, has been fixed at Rs 117-120 per share. Proceeds of the 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 initial public offer (IPO) of oil and gas pipeline infrastructure service provider Likhitha Infrastructure was subscribed 3.11 times on the second day of subscription on Wednesday. The offer to raise over Rs 61 crore received bids for 1,58,39,250 shares against 51,00,000 shares offered, as per data available with the NSE.

The category reserved for qualified institutional buyers was subscribed by 3 per cent, non-institutional investors 3.20 times and that for retail individual investors (RIIs) was subscribed 7.47 times. The price range for the offer, which is scheduled to close on Thursday, has been fixed at Rs 117-120 per share.

Proceeds of the 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 manager to the offer. Shares of the company will be listed on the BSE and the NSE..

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