PNC Infratech IPO subscribed 1% on day one

The initial public offer (IPO) of PNC Infratech received bids for a total of 1.12 lakh shares on the first day of bidding for the IPO today, 8 May 2015, compared with up to 90.60 lakh equity shares on offer, as per data from the National Stock Exchange (NSE) website. The IPO was subscribed 1%. The IPO closes on Tuesday, 12 May 2015. PNC Infratech has allotted 38.61 lakh equity shares to anchor investors.

The company is offering a total of up to 1.29 crore equity shares of face value of Rs 10 each. The offer comprises a fresh issue of up to 1.15 crore equity shares and an offer for sale (OFS) of up to 14.21 lakh equity shares by Nylim Jacob Ballas India (FVCI) III LLC (selling shareholder). The price band for the IPO was fixed at Rs 355 to Rs 378 per share. The offer includes a reservation of 50,000 equity shares for subscription by eligible employees. The net offer shall constitute atleast 25% of the post-offer paid-up equity share capital of the company.

PNC Infratech has allotted 38.61 lakh equity shares to anchor investors. The pricing of the shares to the anchor investors was at Rs 378 per share which is the top end of the price band of Rs 355-378 for the company's initial public offer (IPO). Among the anchor investors, Reliance Capital Trustee Co A/C Reliance Close Ended Equity Fund Series A was allotted 1.85 lakh shares. L&T Mutual Fund was allotted a total of 2.32 lakh shares under its three mutual fund schemes. Sundaram Mutual Fund was allotted a total of 2.32 lakh shares under its six mutual fund schemes. HDFC Trustee Company was allotted a total of 9.73 lakh shares under its two schemes. Birla Sun Life Fund was allotted a total of 5.81 lakh shares under its five mutual fund schemes. DSP Blackrock India Tiger Fund was allotted 4.49 lakh shares.

The company intends to use the proceeds of the fresh issue for funding working capital requirements, investment in its subsidiary, PNCRHPL for part-financing the Raebareli-Jaunpur Project, investment in capital equipment, repayment/prepayment of certain indebtedness and funding expenditure for general corporate purposes.

In the nine months ended 31 December 2014, the company reported consolidated revenue of Rs 1326.37 crore with a profit after tax (PAT) of Rs 62.43 crore.

PNC Infratech is an Indian infrastructure construction, development and management company, with expertise in the execution of major infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runaways, development of industrial areas and other infrastructure activities.

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