Yudiz IPO: Issue Subscribed 4.75X, Retail Investors Place Highest Number Of Bids

Blockchain and IT development company Yudiz Solutions’ initial public offering (IPO) was subscribed 4.75X at the end of the last day of the issue.

The issue received bids for 92.91 Lakh shares by the end of Day 3 as against 19.57 Lakh shares on offer.

Yudiz’s issue received the highest number of bids from retail individual investors (RIIs), who placed bids for 58.21 Lakh shares, 6.4X of the 9.08 Lakh shares on offer for the category. 

Meanwhile, non-institutional investors’ (NIIs) portion received almost 3.8X bids. While 5.29 Lakh shares were on offer for this category, it received bids for 20.09 Lakh shares. 

This was in contrast to the Day 1 of the IPO launch when the NII portion was subscribed the least and the portion reserved for qualified institutional buyers (QIBs) was at the second position in terms of total bids.

At the end of Day 3, QIBs placed bids for 14.62 Lakh shares. The company had allocated not more than 5.2 Lakh shares for QIBs, excluding anchor investors’ portion of 7.6 Lakh shares.

Among the QIBs, foreign institutional investors (FIIs) placed bids for 2.49 Lakh shares.

Yudiz filed its draft red herring prospectus (DRHP) in March this year with plans to raise INR 44.84 Cr via the IPO. Its IPO comprises a fresh issue of 27,17,600 equity shares. 

Founded in 2011, Ahmedabad-based Yudiz is a global IT services provider and consultant, which offers solutions in web and mobile app development, AR/VR, AI/ML, IoT, and blockchain.

The startup is going for SME listing on the National Stock Exchange (NSE). Yudiz set the IPO price band at INR 162-INR 165 per share.

It is pertinent to note that amid a severe funding crunch and stock market volatility, smaller-size SME IPOs have picked up pace over the last two years. As per Prime Database data report, there were 125 SME issues in FY23 in India, up from 71 in FY22 and 29 in FY21.

In December last year, new-age drone startup DroneAcharya also took the SME IPO route to list at almost a 90% premium on the BSE SME. Its IPO was oversubscribed by 262X.

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