Udayshivakumar Infra IPO subscribed 2.20 times on Day 2 of offer

The initial share sale of Udayshivakumar Infra was subscribed 2.20 times on the second day of offer on Tuesday.

The IPO received bids for 4,39,05,952 shares against 2 crore shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 3.46 times, Retail Individual Investors (RIIs) portion got subscribed 1.76 times and Qualified Institutional Buyers (QIBs) received 1.04 times subscription.

The IPO has a fresh equity shares of up to Rs 66 crore.

Price range for the offer is at 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 construction of roads. It bids for roads, bridges, canals, and industrial area construction projects in Karnataka, including government departments.

Saffron Capital Advisors is the manager to the offer.

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