The initial public offering of Ceigall India Ltd. was subscribed 0.61 times on Thursday, led by demand from retail and non-institutional investors.
The infrastructure construction company is looking to raise up to Rs 1,252.66 crore via a fresh issue of equity shares worth Rs 684.25 crore and an offer for sale of 1.42 crore shares by promoters and an existing investor.
The company has set a price range of Rs 280-401 per share for its IPO. Ramneek Sehgal, Ramneek Sehgal Sons HUF and other promoter groups will be the selling shareholders of the company.
The minimum lot size for bidding will be 37 shares, with further bids to be made in multiples. ICICI Securities Ltd., IIFL Securities Ltd. and JM Financial Ltd. are the book-running lead managers for the IPO.
The company raised Rs 375 crore from anchor investors ahead of its IPO. It allotted 93.56 lakh shares at Rs 401 apiece to 29 anchor investors.
Proceeds from the fresh issue to the tune of Rs 118.8 crore will be used for the purchase of equipment and Rs 344.5 crore for the payment of debt; besides, a portion will be used for general corporate purposes.
Issue Details
Issue opens: Aug. 1
Issue closes: Aug. 5
Issue price: Rs 380 to Rs 401 per share.
Total issue size: Rs 1,252.66 crore.
Bid lot: 37 shares
Listing: BSE and NSE.
Business
Ceigall India is an infrastructure construction company undertaking specialised work such as structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.
The company has completed over 34 projects, including 16 EPC, one HAM, five O&M and 12 item rate projects in the roads and highways sector.
Ceigall has 18 ongoing projects, including 13 EPC projects and five HAM projects. This includes elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressway, runway, metro projects and multi-lane highways.
As of June 2024, the company's order book amounted to Rs 9,470.8 crore. Projects awarded by NHAI contributed 80.31% to its order book.
Subscription Status: Day 1
The IPO has been subscribed 0.61 times as of 5 p.m. on Thursday.
Institutional investors: 0 times.
Non-institutional investors: 0.90 times or 90%.
Retail investors: 0.80 times or 80%.
Employee reserved: 2.96 times.
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