Ceigall India Raises Rs 375 Crore Via Anchor Investors Ahead Of IPO

Ceigall India Ltd. has raised Rs 375 crore from anchor investors, ahead of its initial public offering. The company allotted 93.56 lakh shares at Rs 401 apiece to 29 anchor investors.

Nomura Funds Ireland Public Ltd.-Nomura Funds Ireland-India Equity Fund, ICICI Prudential Flexicap Fund, Nippon Life India Trustee Ltd.-A/C Nippon India Small Cap Fund, and Kotak Infrastructure and Economic Reform Fund got the highest allocation of 9.32%.

HDFC Small Cap Fund secured 6.22%, while Bandhan Infrastructure Fund (5.85%), SBI General Insurance Co. (5.54%), and Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund A/C Axis Small Cap Fund (4.8%) are among the other marquee investors in the pre-IPO round fundraising.

Nine domestic mutual funds have applied through a total of 13 schemes, Ceigall India said in an exchange filing on Wednesday. They have collectively secured 54.5% of the anchor portion for Rs 204 crore.

ICICI Mutual Fund, Kotak Mutual Fund, Nippon Mutual Fund, and HDFC Mutual Fund are among the key investors in this category.

The leading book managers for the anchor round were ICICI Securities Ltd., JM Financial Ltd. and IIFL Securities Pvt.

Ceigall India will launch its initial public offering on Thursday to raise up to Rs 1,252.66 crore. The issue will close on Aug. 5.

The infrastructure construction company has set a price band of Rs 380 to Rs 401 per share for its three-day IPO. The IPO is a combination of fresh issue of 1.71 crore shares aggregating to Rs 684.25 crore and an offer-for-sale of 1.42 crore shares aggregating to Rs 568.41 crore.

Proceeds from the fresh issue will be utilised towards repayment of certain borrowings previously availed by the company, as well as purchase of equipment.