Likhitha Infrastructure IPO gets oversubscribed by 8.4 times on Day 3

The company plans to utilize the proceeds for working capital requirements, general corporate purposes and issue expenses.

Oct 02, 2020 10:10 IST India Infoline News Service

Initial Public Offer, IPO
Likhitha Infrastructure, an Oil & Gas pipeline infrastructure service provider, got fully subscribed during the last day of its initial public offering (IPO). The issue received subscription of 8.43 times supported by the huge response from retail investors and high net-worth individuals (HNI).

The maiden received cumulative bids of 4,29,86,000 equity shares compared to the total issue size of 51 lakh equity shares, as per NSE data.

Investors of the qualified institutional category subscribed the IPO by merely 45% of the total size offered.

Meanwhile, non-institutional investors (NII) also referred to as HNIs, subscribed the issue by 5.39 times.

As for the retail investors, the category witnessed a subscription of 21.13 times in the IPO.

The price band for the IPO is fixed at the lower end of Rs117 per equity share and the upper end of Rs120 per equity share.

The company planned to raise about Rs59.7cr - Rs61.2cr through the issue.

Of the total issue size, 50% is reserved for qualified institutional buyers (QIB), meanwhile, 15% is kept aside for non-institutional investors (NII) and remaining 35% was kept for retail individual investors (RII).

The company plans to utilize the proceeds for working capital requirements, general corporate purposes and issue expenses.

Related Story