The initial public offering of iValue Infosolutions Ltd. was fully subscribed on the third and final day of bidding on Monday. The portion for institutional and retail investors was fully booked around noon.
The IPO consists only of an offer for sale of 1.87 crore equity shares of face value of Rs 2 each. Investors can bid for shares in the price band of Rs 284 to Rs 299. The IPO size based on the upper price band amounts to Rs 560 crore.
Promoters Sunil Kumar Pillai, Krishna Raj Sharma, and Srinivasan Sriram will offload their equity shares in the OFS, according to the red herring prospectus.
Investor Sundara (Mauritius) Ltd., an affiliate of private equity firm Creador, will also be selling 1.1 crore shares. Sundara had invested $18 million to pick up a minority stake in the business back in 2019.
A total of 13 shareholders are selling equity via OFS.
The proceeds from the entire issue, barring IPO expenses, will go to the selling shareholders. The promoters and the company will not receive any funds from the issue.
iValue Infosolutions is an enterprise technology solutions provider focusing on securing and managing digital applications and data. The Bengaluru-based company offers security analytics, network security, application management, cloud integration, digital transformation, and risk assessment services to its customers in India.
The company on the upper price band is valued at Rs 1,601 crore.
IPO Details
IPO size: Rs 560 crore (entirely OFS)
Price band: Rs 284 to Rs 299
Opening date: Sept. 18
Closing date: Sept. 22
Allotment date: Sept. 23
Listing date: Sept. 25
Minimum lot size: 50 equity shares (Rs 14,950)
Day Two Subscription Status
The iValue Infosolutions IPO has been subscribed 102% as of 11:30 a.m. on Monday.
Qualified Institutional Buyers (QIBs): 1.22 times.
Non-Institutional Investors (NIIs): 71%
Retail Investors: 104%
iValue Infosolutions IPO GMP
The latest grey market premium of iValue Infosolutions IPO has dipped to Rs 3 from Rs 15 when the IPO began, as per Investorgain.com. The stock's estimated listing price is Rs 302, implying a gain of 1% over the IPO price of Rs 299.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
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