The weak listing of Udayshivakumar Infra shares, in the opinion of stock market specialists, can be ascribed to the lukewarm secondary market sentiment following the OPEC+ surprise production cut announcement. According to them, individuals who registered for medium- to long-term holding gains can hold the shares while those who applied for listing gains can book losses and exit.
Udayshivakumar Infra Ltd’s initial public offering (IPO) was subscribed 32.49 times by the third day of subscription, helped by huge interest from institutional investors, on Wednesday, March 23, 2023 that opened on Monday, March 20, 2023. The issue was priced in a range of ₹33-35 a share. The offer received bids for over 61.26 crore shares against 2 crore shares on offer, as per the exchange data.
Speaking on the reason for discounted listing of Udayshivakumar Infra shares, analyst said, The stock market mood changed after the OPEC+ production cut, but the public issue received strong response from investors despite inconsistent growth. The company has a significant order book and allottees who have a long-term view can hold the stock.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of sharebaz. We advise investors to check with certified experts before taking any investment decisions.