Ceigall India's IPO Opens for Subscription: Initial Response and Key Details

1 Aug 2024 , 12:20 PM

Ceigall India’s initial public offering (IPO) opened for bidding on Thursday, August 1, and will remain open until Monday, August 5. The infrastructure company is offering shares in the price range of Rs 380-401 per share, with a minimum bid of 37 equity shares and in multiples thereof. Click here to subscribe the IPO.

As of the first two hours of the offering, the IPO has been subscribed 0.23 times. The retail investor portion has seen a subscription rate of 0.33 times, while non-institutional investors have subscribed 0.30 times. Notably, the portion reserved for the company’s employees has been oversubscribed, with a subscription rate of 1.33 times.

Ceigall India, founded in 2002, specializes in infrastructure construction, focusing on projects such as elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways. The company has completed over 34 road and highway projects as of July 2024, showcasing its expertise in specialized structural work.

The IPO aims to raise Rs 1,252.66 crore, consisting of a fresh share issue worth Rs 684.25 crore and an offer-for-sale (OFS) of up to 1,41,74,840 equity shares by the company’s promoters and existing shareholders. The funds raised from the fresh issue will be used for purchasing equipment, repaying or prepaying certain borrowings, and general corporate purposes.