Uma Exports’ initial public offering (IPO) was subscribed 3.29 times by Tuesday afternoon, the second day of bidding. The offer received 3 crore bids for 92.3 lakh shares offered.

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Uma Exports IPO, which is set to raise up to Rs 60 crore, is the first to hit the Street in almost two months.

Half of the total shares available for bidding under the IPO are reserved for qualified institutional buyers (QIBs), 35 percent for retail investors and 15 percent for non-institutional investors (NIIs).

By 12:30 pm, retail investors bid 4.57 times the shares reserved for them. They subscribed to 2.90 crore shares against the 63.69 lakh shares reserved for them. Non-institutional investors bid for 26.76 lakh shares against the portion of 12.82 lakh shares reserved for them. Qualified institutional buyers, on the other hand, were yet to start bidding.

The IPO is an entirely fresh issuance of equity for which potential investors can bid in a price band of Rs 65-68 in multiples of 220. This means one lot will cost investors Rs 14,300-14,960. The last day to subscribe to the issue is March 30.

Also Read: All you need to know about Uma Exports IPO

Uma Exports is a trader and marketer of agricultural produce and commodities.

The company aims to use the proceeds from the IPO towards the augmentation of working capital requirements and for general corporate purposes, according to its draft red herring prospectus (DRHP).

Uma Exports shares will be listed on stock exchanges BSE and NSE on April 7.

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