It’s party time for infrastructure firm Ceigall India even before subscription for its IPO kicks off on August 1.
Almost 30% picked up already
The Ludhiana-based infrastructure company has communicated to the stock exchange authorities on July 31 that it has already mopped up Rs 375.20 crores from anchor investors.
The anchor investors were allocated 93,56,581 equity shares at Rs 401 a share.
The bidding process for the IPO will remain open from August 1 to August 5. The price band has been fixed at Rs 380-401 per share.
Lot size for retail investors
The lot size is 65 equity shares with subsequent lots of 37 shares.
The target is to raise a total of Rs 1,252.66 crore through this IPO.
The Grey market Premium (GMP) was rs 70 on July 31, 2024.
Prominent names
Prominent names from within India and abroad have picked up shares as anchor investors. The list of names includes Nomura Funds Ireland Public Ltd – India Equity Fund, ICICI Prudential Flexicap Fund, HDFC Smallcap Fund, HDFC Trustee Company Ltd, Nippon Life India Smallcap Fund, Kotak Infrastructure & Economic Reform Fund, Axis Mutual Fund, SBI General Insurance Company.
The list also includes Goldman Sachs (Singapore) PTE- ODI, Tata Multicap Fund, Tata Dividend Yield Fund, ICICI Prudential Life Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd, Max Life Insurance Ltd, Edelweiss Trusteeship Co. Ltd. Bank of India Manufacturing & Infrastructure Fund, Universal Sompo General Insurance Company Ltd, Hero Venture Trust, Societe Generale, Morgan Stanley Asia (Singapore) PTE., Citigroup Global Markets Mauritius Pvt. Ltd etc.
The IPO consists of two parts – one, a fresh issue of shares worth Rs 684.25 crore and two, an Offer For Sale (OFS) worth Rs 568.41 crore.
The company has informed prospective investors that IPO proceeds will be utilised for buying new equipment and retiring debts and a part of it will be used for general corporate purposes.
The company was set up in 2002. It has a track record of building bridges, flyovers, elevated roads, tunnels, railway over bridges, tunnels, expressways and runways.
Order book size
The company’s order book was valued at Rs 9,470 crore in June 2024.
It is a profit-making company. In FY24, its net profit was Rs 304.3 crore –almost 82% higher than that in FY23.
(Disclaimer: This article is only meant to provide information. News9Live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Infrastructure company Ceigall India is sitting on a pile of cash even before its IPO opened for bids on August 1. The budget has signalled a boom time ahead for infra firms. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
