Udayshivakumar Infra IPO listed at 14% discount on Dalal Street

3 Apr 2023 , 09:54 AM

Even after impressive demand of Udayshivakumar Infra IPO, the shares of the company made muted market debut at Rs 30 on NSE with 14.29% discount over the issue price of Rs 35 and at Rs 35 on BSE on April 3.

The issue which was available for subscription from March 20 to March 23 has seen heavy demand from investors across categories. The issue was subscribed 32.49 times on the last day with 14.95 times subscription received in the retail category, 42.92 times in the QIB category, and 64.08 times in the NII category.

Udayshivakumar Infra had a strong order book of Rs 1,290.4 crore as on December 31, 2022 but the company had mixed financial performance in recent years with dependency on a limited number of clients.

The company has 46 work orders in hand, having an aggregate order book value of Rs 1,291 crore, as of the December quarter. Out of these, 30 are ongoing, and 16 are new work orders, which are yet to start.