Udayshivakumar Infra debuts at 14% discount at Rs 30

Udayshivakumar Infra IPO, which was entirely a fresh issue of Rs 66 crore, saw oversubscription of 30.63 times

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The first listing of FY24 turned out to be a dud, contrary to analysts’ expectations as Udayshivakumar Infra debuted at a 14 percent discount to its issue price of Rs 35 on April 3.

The stock opened at Rs 30 on the NSE and Rs 31 on the BSE on Monday.

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Incorporated in 2002, the company is engaged in construction of roads in Karnataka. Its IPO, which was entirely a fresh issue of Rs 66 crore, saw oversubscription of 30.63 times. High net-worth individuals bought 60.42 times their allotted quota, qualified institutional buyers 40.47 times and the retail portion was subscribed 14.10 times.

As on December 31, 2022, the company had 46 work orders in hand with an aggregate order book value of Rs 1,290.39 crore.

But its topline growth has been inconsistent. In FY20, it stood at Rs 193 crore, in FY21, it grew to Rs 210 crore and in FY22, it fell to Rs 185 crore.

“The company is operating in a limited geographic location where it is dependent on a limited number of clients, thus we will recommend only high-risk investors to buy in a dip by keeping a stop loss,” Anubhuti Mishra, Equity Research Analyst, Swastika Investmart, said.

Reliance Securities in its IPO note said that the company’s return ratios have been declining with the RoE (return on equity) and the RoCE (return on capital employed) declining by 460 basis points and 237 basis points to 17.8 percent and 15.4 percent over FY20-22.

It is, however, bullish on the company because of its low debt-to-equity ratio and valuation comfort at 9.7x P/E on annualised FY23 financials.

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