Likhitha Infrastructure IPO Extended; Price Band Cut
The IPO was extended to fulfill the institutional buyers quota.
Oil and gas pipeline infrastructure service provider Likhitha Infrastructure's initial public offer has been extended till Oct. 7 and the price band has also been revised lower to Rs 116-120 per share, according to an update on the NSE.
The issue was earlier slated to close on Thursday.
The offer received bids for 4,29,86,000 shares against 51,00,000 shares on offer, translating into 8.43 times subscription, as per data available with the NSE on Thursday.
Qualified institutional buyers portion was subscribed 45%, non-institutional investors 5.39 times and retail individual investors 21.13 times.
"BRLM to the Likhitha Infrastructure Limited issue has informed the exchange that the issue closure date has been extended up to Oct. 7, 2020. The price band has been revised from Rs 117-120 to Rs 116-120 per share" as per an update on the NSE.
Proceeds of the initial share-sale will be utilised by the company towards its working capital requirements so as to capitalise on the growing demand from the oil and gas sector, and for general corporate purposes.
The Hyderabad-headquartered firm has over two decades of experience in laying pipeline networks along with the construction of associated facilities, as well as providing operations and maintenance services to leading city gas distribution companies in India.
Unistone Capital is the manager of the offer.
Shares of the company will be listed on BSE and NSE.