Shares of Ceigall India ended the listing in a discount of 3.7 per cent at ₹386.05 against the IPO price of ₹401 on the BSE on Thursday. Though the stock listed marginally positive at ₹413 and rose to a high of ₹425, it could not sustain the gains and slipped to a low of ₹380, due to general weakness in the overall market.
Similarly, on the NSE, it listed at ₹419 and ended lower at ₹387.80.
The public issue of the infrastructure construction company witnessed a decent response, as 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.
Earlier, the company had garnered ₹375.20 crore from anchor investors. The company intends to use the net proceeds for equipment purchases, the full or partial repayment or prepayment of certain loans taken by the company and its subsidiary Ceigall Infra Projects Pvt Ltd and for general corporate purposes.
