Desco Infratech IPO non-institutional portion fully booked

Desco Infratech has opened its initial public offering (IPO) for subscription from March 24 to March 26. The shares are priced between ₹147 to ₹150 each. The company operates in engineering and infrastructure focusing on gas distribution, renewable energy, and water projects across 55 cities in 14 states. The IPO is accepting bids for a minimum of 1,000 shares, with more shares available in increments of 1,000. Founded in 2011, Desco Infratech specializes in city gas distribution, renewable energy, and water supply systems. The firm has laid over 4,000 kilometers of pipelines and established more than 200,000 natural gas connections for various users. As of now, the IPO subscription is at 62%. The non-institutional investor (NII) portion is fully booked, while the retail segment is 67% subscribed. So far, bids have been received for 841,000 shares against 1,366,000 shares available for purchase. Desco Infratech aims to raise about ₹30.75 crore through this IPO. The funds will be used for several purposes, including corporate office setup, machinery purchase, and working capital needs. Smart Horizon Capital Advisors is the lead manager for the IPO. In the grey market, shares of Desco Infratech are trading at a premium of ₹20. This suggests an expected listing price of around ₹170, which is about 13.33% higher than the upper price band of the IPO.