The IPO of Ivalue Infosolutions continued to witness muted investor demand on its second day of bidding. Opened for subscription on September 18, the issue was subscribed just 0.89 times by the end of the second day, according to exchange data.
The IPO received bids for 1.16 crore shares against an offer of 1.31 crore shares, resulting in a subscription of 0.89 times. Demand from Non-Institutional Investors (NIIs) was weak, with their portion subscribed only 0.55 times, while the retail portion was booked 0.85 times. The Qualified Institutional Buyers (QIB) segment, however, was oversubscribed by 1.22 times.
The company aims to raise ₹560.29 crore through the IPO, which is entirely an offer for sale of 1.87 crore shares. The price band of the issue is set between ₹284 and ₹299 per equity share.
The objective of the offer is to gain the benefits of listing on the stock exchanges and facilitate the sale of up to 1,87,38,958 equity shares with a face value of ₹2 each by the selling shareholders. The company expects that the listing will enhance its visibility and brand image while also creating a public market for its equity shares in India.
Promoters Sunil Kumar Pillai, Krishna Raj Sharma, Srinivasan Sriram, and Hilda Sunil Pillai, along with investor Sundara (Mauritius) Ltd, are offloading their stakes. Since the issue is entirely an OFS, the company itself will not receive any proceeds.
The IPO allotment is expected to be finalised on September 23, with listing scheduled for September 25 on both NSE and BSE. IIFL Capital Services Ltd is acting as the book-running lead manager, while Kfin Technologies Ltd is the registrar to the issue.
GMP signals healthy listing
As of today, the grey market premium (GMP) for Euro Pratik Sales IPO stands at ₹18 per share. This suggests that the shares are anticipated to list 6% higher than company’s upper band issue price of ₹299.
The grey market premium represents the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it’s important to remember that GMP is a preliminary indicator and should not be the sole factor in making investment decisions.
About the company
Incorporated in 2008, Ivalue Infosolutions Limited is a technology services and solutions provider focused on enterprise digital transformation, with operations across India, the SAARC region, and Southeast Asia. The company works with 109 global technology partners and more than 800 system integrators, offering solutions in cybersecurity, cloud, data management, and AI. Its ecosystem includes marquee names such as Google Cloud, Splunk, Nutanix, and Check Point.