Uma Exports IPO Subscribed 2.14 Times On First Day Of Issue
Commodities exporter Uma Exports' initial public offer (IPO) was subscribed 2.14 times on the first day of issue on Monday. It received good response especially from retail investors, who bid 2.90 times the portion which was allotted for them. Non institutional investors quota was subscribed 46 per cent.
The IPO received bids for 1.97 crore equity shares against the offer size of 92.30 lakh equity shares.
Qualified institutional buyers (QIBs) have not bid for the public offer as of now. Half of the offer is for QIBs, 35 per cent is earmarked for retail investors and the remaining 15 per cent is for non-institutional investors.
Uma Exports aims to raise Rs 60 crore through its maiden public offer which is a fresh issue of shares.
The net proceeds will be used for working capital requirements and general corporate purposes.
The price band for the offer, which closes on March 30, has been fixed at Rs 65-68 per share. Investors can bid for a minimum of 220 shares and in multiples thereafter.
Uma Exports is also involved in trading and marketing agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, foodgrains like rice, wheat, corn, sorghum and tea, pulses, and agricultural feed like soya bean meal and rice bran de-oiled cake.
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