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Likhitha Infra IPO subscribed 8.43 times

Published on Oct 01, 2020 17:34

The initial public offer (IPO) of Likhitha Infrastructure received bids for 4.29 crore shares on Thursday, 1 October 2020, as against 51 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 8.43 times.

The issue opened for bidding on Tuesday, 29 September 2020 and it will close today, 1 October 2020. The price band for the IPO was set at Rs 117-120 per share.

The public issue comprised a fresh issue of 51 lakh equity shares, representing 25.86% of post issue paid up equity. The company proposes to utilize the IPO proceeds towards meeting the working capital requirements (Rs 47 crore), general corporate purposes and issue expenses.

The company recorded sales of Rs 161.24 crore and profit after tax of Rs 19.88 crore in the year ended on 31 March 2020.

Likhitha Infrastructure (LIL) is an oil & gas pipeline infrastructure service provider in India. Its operations include three principal business lines: (i) cross country pipelines and associated facilities; (ii) city gas distribution including CNG stations; and (iii) operation & maintenance of CNG/PNG services.

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