Shares of Udayshivakumar Infra made a tepid debut at Dalal Street on Monday as the company was listed at a discount of more than 14 per cent over at Rs 30 on the National Stock Exchange (NSE), compared to the issue price of Rs 35. However, on BSE, the stock made its debut at Rs 35, itself.
Following a flat listing at BSE, the scrip was locked in the lower circuit of 5 per cent to Rs 33.25 on Monday.
Even ahead of listing, shares of Udayshivakumar Infra were commanding a marginal premium in the grey market, hinting at a mild listing pop for the investors.
Udayshivakumar Infra raised a total of Rs 66 crore through its initial stake sale by selling its shares in the price band of Rs 33-35 apiece between March 20-23, 2023. Each lot consisted of 428 equity shares with a face value of Rs 10 each.
The issue was overall subscribed 32.49 times as the portion for qualified institutional bidders was booked 42.92 times. The portion for non-institutional investors was subscribed 64.08 times, while the retail bidders’ portion was booked 14.95 times.
Incorporated in 2019, Uday Shivakumar Infra Limited is engaged in the business of the construction of roads including state highways, district roads, smart roads under municipal corporations, smart roads under PM’s Smart City Mission projects, national highways, Bruhat Bengaluru Mahanagara Palike (BBMP), and local area roads.
As of August 31, 2022, the company had executed over 30 various projects in and around the State of Karnataka along with the erstwhile partnership firm, M/s. Udayshivakumar. The entity is working on twenty-five ongoing projects.
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