Likhitha Infrastructure biding details: IPO subscribed overall 9.50 times to issue size
Likhitha Infrastructure biding details: The issue was opened for subscription on 29th September 2020. It closed on October 7th, 2020 for the subscription. The IPO has received bids for 9.50 times to the issue size of 51,00,000 equity shares.
According to the reports, the issue has received bids for 4,84,73,000 shares against the offered size of 51,00,000 shares.
Moreover, the Likhitha Infrastructure IPO subscription period was extended three days due to the technical issues. As per the source, the issue received 45% of bids from the qualified institutional investors.
As per the draft red herring prospectus, the issue consists of fresh issues with 25 percent of post-issue shareholding. It offers a fresh issue of 51,00,000 equity shares of face value Rs. 10 each aggregating up to Rs. 61.20 crores.
Moreover, the issue fixed the price band at Rs. 116 to Rs. 120 per equity share. The proposed shares will be listed on BSE and NSE.
As per the source, the issue received bids for 21.99 times from QIB and 1.54 times from non-institutional investors. On the other hand, the issue subscribed to 23.71 times from retail investors.
According to the reports, the firm may conduct the allotment process on 12th October 2020. Moreover, the investors may receive allotted shares on October 14th, 2020.
As per the DRHP, the company will utilize the raised funds towards meeting the general working capital requirements of the business.
Unistone Capital Pvt. Ltd. selected a lead manager for the issue.
About the company:
Likhitha Infrastructure Limited, a well-known oil and gas pipeline service provider in India. The company involved in offering pipelines of Oil & gas, city gas distribution projects, Cross-Country pipeline projects.
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