Ceigall India IPO subscription status: With the employee part leading the way, the infrastructure company Ceigall India Ltd.’s IPO got off to a quiet and sober start today amidthe buzz in the secondary market where the domesticbenchmark indices reached all-time highs. Ceigall India IPO subscription status was 61%, as per BSE data, on the first day of bidding.
The initial share sale received bids for 1,35,20,133 shares, as against 2,23,13,663 shares on offer, according to BSE data.
The quota for retail investors received 80% subscription, while the non institutional investors part got subscribed 90%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 2.96 times.
A day before its initial share-sale opened for public subscription, the business said on Wednesday that it had raised ₹375 crore from anchor investors.The initial public offering (IPO), which began subscriptions today (Thursday, August 1) and ends on Monday, August 5, has a price range of ₹380 to ₹401 per share.
The company’s operating revenue increased by 46.5% to ₹3,029.35 crore in the fiscal year 2024 from ₹2,068.17 crore in the previous year, while its profit after taxes increased to ₹304.3 crore from ₹167.27 crore.
When considering the three-year revenue compound annual growth rate, Ceigall India has the fastest-growing engineering, procurement, and construction (EPC) industry as of Fiscal 2024. The company saw one of the highest yearly revenue growth rates among its competitors in fiscal 2024, rising by more than 43.10%. It has finished more than 34 projects in the roads and highways sector, including 16 EPC, 1 HAM, 5 O&M, and 12 item rate projects.
The listed peers of the company are PNC Infratech (P/E of 14.75), G R Infraprojects (P/E of 12.60), H.G. Infra Engineering (P/E of 20.43), KNR Constructions (P/E of 13.17), ITD Cementation India (P/E of 29.39), and J Kumar Infraprojects (P/E of 19.68), according to the red herring prospectus (RHP).
JM Financial Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are the IPO’s book-running lead managers.
Ceigall India IPO details
The IPO consists of an offer-for-sale (OFS) of 1,41,74,840 equity shares by existing shareholders, including promoters, and a fresh issue of equity shares for ₹684.3 crore by the firm.
The selling shareholders in the OFS include promoters Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, and Simran Sehgal.
The company intends to use the net proceeds to finance the following goals: general corporate purposes; equipment purchases; full or partial repayment or prepayment of certain loans taken out by the company; and Ceigall Infra Projects Private Limited, the company’s subsidiary.
The registrar for the Ceigall India IPO is Link Intime India Private Ltd, while the book running lead managers are ICICI Securities Ltd, IIFL Securities Ltd, and JM Financial Ltd.
Ceigall India IPO GMP today
Ceigall India IPO GMP today or grey market premium is +100. This indicates Ceigall India share price were trading at a premium of ₹100 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ceigall India share price was indicated at ₹501 apiece, which is 24.94% higher than the IPO price of ₹401.
According to grey market activity over the previous six sessions, the IPO GMP is heading upward and a robust listing is anticipated. Analysts at investorgain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹140.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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