Infonative Solutions IPO subscribed 76% so far on day 2, retail part booked 94%; check key dates

Infonative Solutions IPO: E-learning content developer Infonative Solutions's public offer has been subscribed 76% until 2:35 pm on Tuesday, April 2, the second day of bidding.

The initial public offer has received bids for 23,79,200 shares as against 31,28,000 shares on offer, according to BSE data. The retail portion of the IPO was booked 94%, as it received bids for 19,74,400 compared to 21,07,200 shares reserved for the category.

The non-institutional investors (NIIs) segment was subscribed 47%, as it received applications for 4,04,800 shares as against 8,60,800 shares reserved.

The qualified institutional buyers (QIBs) have not received any bids yet. The company has reserved 1,60,000 shares for this investor category.

The Infonative Solutions IPO is a book-built issue that aims to raise ₹24.71 crore. It is entirely a fresh issuance of 31.28 lakh shares with no offer-for-sale component. The price band has been set at ₹75 to ₹79 per share, while the minimum bid size for an application is 1,600 shares, costing ₹1,20,000.

For high-net-worth individuals, the minimum investment is 3,200 shares worth ₹2,52,800.

Share India Capital Services Pvt Ltd is the sole merchant bank, and Kfin Technologies Ltd is the registrar.

Infonative Solutions IPO: Allotment and listing date

The bidding will conclude on Thursday, April 3. The allotment will likely take place on April 4. Refunds for unsuccessful investors will take place on April 7, while shares will be credited to the Demat account of allottees on the same day.

The listing on the BSE SME will take place on April 8.

About Infonative Solutions

Founded in 2014, Infonative Solutions specialises in developing e-learning content and cloud-based learning management systems (LMS). It provides customised solutions for educational and corporate sectors, focusing on instructional design, AR/VR content, gamification, and software simulations.

The company's promoters, Saurabh Kathuria, Yogesh Goel, and Abdur Rauf Rahmani, hold a 94.13% stake, which will be reduced to 69.28% post-issue.