Sameera Agro and Infra booked over 1.5 times on day 3 so far; check details

The initial public offering (IPO) of Sameera Agro and Infra's received a decent response from the investors during the third day of the bidding process. The IPO, which will run for four days, was fully subscribed on Tuesday, thanks to buying interest by retail and non-institutional investors.

According to data from NSE, the issue was subscribed 1.54 times as of 3.05 pm on Tuesday, December 26. The issue saw bids for 50,64,000 equity shares against the offered 32,96,000 equity shares to the investors. The portion reserved for non-institutional investors was booked 1.2 times, while the allocation for retail investors was subscribed 1.87 times at the same time.

The issue had kicked-off for bidding on Thursday, December 21. The issue was booked 27 per cent as on the first day, while it was booked 90 per cent on the second day of the bidding. Four-day bidding for the issue will conclude on Wednesday, December 27. Shares of the company will be listed on the NSE Emerge platform on January 1, 2024.

Sameera Agro and Infra is offering its shares for Rs 180 apiece. Investors can participate by bidding for a minimum of 800 equity shares, or multiples thereof, amounting to Rs 1,44,000. Retail investors can bid for a single lot of 800 equity shares, while non-retail investors need to bid for a minimum of two lots (1,600 equity shares), totaling at least Rs 2,88,000.

Formerly known as Sameera Homes, Sameera Agro and Infra was established in 2002, and operates in infrastructure development and construction. Sameera Agro and Infra, in its expansion, has diversified into processing, drying, sale, purchase, marketing, and distribution of agricultural commodities, such as pulses, cereals, grains, and lentils.

The funds raised from the IPO will be allocated for various purposes, including ongoing project construction, building a new multiplex, meeting working capital requirements for the agro-business, and covering general corporate expenses. The company currently is not commanding any premium in the grey market.

The company engages in the planning, development, and construction of various projects, including residential and commercial spaces, apartments, townships, multistoried complexes, gated communities, landscapes, bridges, flyovers, subways, alleys, and industrial parks.

Sameera Agro and Infra owns a leased manufacturing and processing unit near Hyderabad, accessible to Telangana, Karnataka, and Maharashtra, and is in the process of acquiring processing mills on a lease basis in Guntur and Rajahmundry, Andhra Pradesh.

Notably, the company has reserved 184,000 equity shares for the market maker (SVCM Securities) and allocated 50 per cent of the net offer for retail investors, with the remaining 50 per cent for other investors. First Overseas Capital is the sole manager for the IPO, and Kfin Technologies will serve as the registrar.

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