The public issue of Ceigall India, an infrastructure construction company, ended on a strong note despite huge selling pressure in the secondary market. The IPO was subscribed 13.78 times.
The ₹1,252.66-crore IPO consisted of a fresh issue of up to ₹684.25 crore and an offer-for-sale of ₹568.41 crore by promoter selling shareholders and individual selling shareholders. The IPO came out with a price band of ₹380–401. As against an issue size of 2.23 crore shares (net-off anchor portion), the IPO received bids for 30.75 crore shares.
The portion allocated for QIBs attracted bids for 34.50 times, quota for retail investors was subscribed by 3.77 times and HNIs by 14.42 times. Employees quota, who will get a discount of ₹38 from issue price, was subscribed by nearly 11.55 times.
Earlier, the company had garnered ₹375.20 crore from anchor investors. The company intends to use the net proceeds for equipment purchases, full or partial repayment or prepayment of certain loans taken by the company and its subsidiary Ceigall Infra Projects Private Limited, and for general corporate purposes.
