Udayshivakumar Infra IPO subscribed 5.15 times on Day 3

The initial share sale of Udayshivakumar Infra was subscribed 5.15 times on the third day of subscription on Wednesday.

The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, according to data available with the NSE.

The quota for non-institutional investors was subscribed 8.47 times, while the category for Retail Individual Investors (RIIs) received 4.14 times subscription and Qualified Institutional Buyers (QIBs) 1.21 times.

The IPO has fresh equity shares of up to Rs 66 crore and is in a price 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 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).

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