Likhitha Infrastructure IPO subscribed 9.50 times, issue closes on Wednesday


NEW DELHI: Likhitha Infrastructure, whose IPO has been extended till Wednesday, attracted over 9.5 times bids till Tuesday. The issue has received bids for 4,84,73,000 shares, which was 9.50 times the issue size of 51,00,000 shares.

The IPO is now being sold in the Rs 116-120 range compared with Rs 117-120 earlier. Unistone Capital, the book running lead manager to the issue, said that the extension was sought mainly to accommodate QIB bidders who could not place their bids due to technical issues. The quota for qualified institutional buyers (QIBs), which was subscribed 45 per cent on Day 3 of the issue, has so far been subscribed over 21 times.

The IPO consists of a fresh issue of up to 51,00,000 equity shares representing 25.86 per cent of the post-issue shareholding. At the higher price band, the issue is available at 12 times post issue FY20 EPS. The company expects to raise a total amount of up to Rs 61.20 crore from the IPO.

According to Choice Broking, at the upper price band of Rs 120 per share, Likhitha is demanding a P/E valuation of 11.9 times, while on FY23 earnings the demanded P/E multiple comes out to be 9.1 times.

“We feel the demand valuation is stretched, secondly many strong established companies are available at lower valuations for the investors and lastly, being a labour oriented business operations, the company is highly susceptible to the labour laws. Thus, considering the above observations and the small issue size, we assign an “AVOID” rating for the issue,” it said.

The company’s share will be listed in “T” group with a 5 per cent circuit limit, thereby restricting the speculative bet in the share price movement, it noted.

Considering the small issue size, investors can miss this IPO, said Keshav Lahoti – Associate Equity Analyst at Angel Broking.

Astha Jain of Hem Securities recommended a “Subscribe” on the issue.

“The company has established a track record in executing pipeline infrastructure projects and O&M services. It has a long standing relationship with customers . The company has shown strong financial performance with almost zero debt on its book. The company’s order book is healthy which gives strong revenue visibility going forward,” she said.

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