Sadbhav Infrastructure Projects Ltd’s public issue sailed through easily on the last day and saw bids for 2.2 times the issue size or was oversubscribed 1.2 times at the close of the issue on Wednesday.
As per the data available with the stock exchanges, qualified institutional buyers’ (QIBs) portion saw applications for over three times the portion reserved for them while non-institutional investors (NIIs) and retail institutional investors’ (RIIs) portion was oversubscribed 60 per cent each.
The issue had a real slow start to begin with and saw only 12 per cent of the issue covered on the first day which crawled up to just around 20 per cent on its penultimate day.
Sadbhav Infrastructure, an infrastructure sector player primarily involved in the development of highways and road projects, raised Rs 210 crore from a bunch of domestic and foreign investors who came in as anchor investors ahead of its initial public offer (IPO) that opened for subscription on August 31.
Its operations are spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana besides border check posts in the state of Maharashtra.
Sadbhav Infrastructure had raised Rs 200 crore each from Xander and Norwest Venture Partners in 2010. The two part-exited in the IPO.
The overall issue was worth around Rs 491 crore, including the small portion that went to selling shareholders as part of the offer-for-sale.