The shares of Udayshivakumar Infra Ltd. listed at Rs 30 per share on the National Stock Exchange, a discount of 14% to the IPO price of Rs 35.
At 11:45 a.m., the shares were trading 10% lower than their IPO price at Rs 31.50 apiece on the NSE.
The stock listed at Rs 35 on the Bombay Stock Exchange and were trading 5% lower at Rs 33.25 per share.
According to the company's red herring prospectus filed with SEBI, Udayshivakumar Infra's initial public offering included a fresh issue of equity shares aggregating Rs 66 crore.
The company issued 1.88 crore equity shares at Rs 35 per equity share.
The issue price includes a share premium of Rs 25 per share. The issue shall constitute 34.06% of the post-issue paid-up equity share capital of the company, it said.
The company plans to direct Rs 45 crore from the net proceeds towards funding incremental working capital requirements. It will dedicate an undisclosed amount of the proceeds for general corporate purposes.
Udayshivakumar Infra is in the business of constructing roads. It bids on road, bridge, canal, and industrial area construction projects in Karnataka, including those of government departments.
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