iValue Infosolutions IPO Subscribed 28% on Day 1

New Delhi, Sep 18 (PTI) The initial share sale of iValue Infosolutions Ltd got subscribed 28 per cent on the first day of bidding on Thursday.

The IPO received bids for 36,35,150 shares against 1,31,17,272 shares on offer, according to data.

The portion meant for retail individual investors received 45 per cent subscription while the category for non-institutional investors got subscribed 23 per cent.

Creador-backed iValue Infosolutions on Wednesday garnered Rs 168 crore from anchor investors.

The Rs 560-crore public offering will conclude on September 22. The price band has been fixed at Rs 284 to Rs 299 per share.

At the upper end, the company is valued around Rs 1,600 crore.

The IPO is a complete offer for sale (OFS) of 1.87 crore equity shares by promoters, an investor and individual shareholders, worth Rs 560 crore at the upper end of the price band.

As part of the issue, Sundara (Mauritius) Ltd, an affiliate of private equity firm Creador, will offload 1.10 crore equity shares, while promoters will sell 38 lakh shares.

Since the entire issue is an OFS, all proceeds will go directly to the selling shareholders rather than the company.

The company said the IPO is intended to achieve the benefits of listing equity shares on the stock exchanges and to facilitate the OFS for selling shareholders.

iValue Infosolutions is an enterprise technology solutions specialist offering comprehensive, purpose-built solutions for securing and managing digital applications and data. It primarily serves large enterprises in their digital transformation journeys by working with system integrators and OEMs to identify, recommend, and deploy solutions that ensure performance, availability, scalability, and security of applications and data.

IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.

Equity shares of iValue Infosolutions are expected to be listed on the BSE and the NSE on September 25.