Subscriptions for the initial public offering (IPO) of Udayshivakumar Infra Ltd will open on Monday, March 20. It will run for three days until Wednesday, March 23. Udayshivakumar Infra IPO opened to anchor investors on Friday, March 17.

With the IPO, the company is aiming to raise Rs 660 crore. It will include a new issue of 20,000,000 shares of Rs 10 face value. The company intends to use the proceeds of the offering to fund working capital and general corporate purposes.

According to market watchers, the great market premium (GMP) for the IPO is as high as Rs 10 per share. The share price for the offering is fixed at Rs 33 to Rs 35 per share.

One lot of the IPO included 428 shares. Retail investors can apply for a minimum of one lot (Rs 14,890) and a maximum of 13 lots (Rs 1,94,740).

Subscriptions will start on March 20 and end on March 23. The distribution of shares in the IPO will take place on March 28. Shares will be credited to investors’ demat accounts on March 31. Shares of the IPO are expected to list on exchanges on April 3.

Proceeds from the offering will be used to fund increased working capital requirements and general corporate purposes.

Udayshivakumar Infra was established in 1995 as a road construction business. It bids to build roads, bridges, canals and industrial estates in Karnataka state, including government ministries.