Shares of oil and gas infrastructure service provider, Likhitha Infrastructure Ltd. on Thursday listed at Rs130 per share on BSE, a premium of 8.41 per cent against the issue price of Rs120 per share.
At 10.45 am, the shares were trading 13.83 per cent up from its issued price at Rs136.60, while the benchmark index, Sensex was 0.42 per cent down at 40625.25.
The issue opened for bidding from 29 September to 1 October, 2020 and was subscribed 9.51 times on the last day of its bidding. However, the IPO (Initial Public Offering) was extended till 7 October, due to the weaker participation of qualified institutional buyers (QIBs). Likhitha Infrastructure has also revised the price band of the issue to Rs116-Rs120 from Rs117-Rs120 which was set earlier.
The Hyderabad-based infrastructure company had come up with a final issue price of Rs120 per share aggregating to raise a total of Rs 61 crore from the offering. The issue offered by the company is small as compared to the most recent IPOs on the main board. The issue comprises 5.1 million fresh equity shares, representing about 25.86 per cent of the post issue paid up equity.
The fund raised will be used for meeting company’s working capital requirements, general corporate purposes and issue expenses. Likhitha Infrastructure has successfully laid 600 km of oil and gas pipelines and has executed projects in more than 16 states and 2 UTs across India. It has also recorded sales of Rs 161.24 crore and profit after tax (PAT) of Rs 19.8 crore in FY20.