IPO Alert
Ceigall India issue subscribed 1.23 times as of day 2
This story was originally published at 20:27 IST on 2 August 2024
Register to read our real-time news.Informist, Friday, Aug 2, 2024
MUMBAI – The initial public offering of Ceigall India Ltd was subscribed 1.23 times at the end of the second day. The company received bids for nearly 27.42 mln shares against 22.31 mln shares on offer, according to data from the BSE.
The portion reserved for non-institutional investors was subscribed 1.75 times, with the company receiving bids for nearly 8.45 mln shares against the 4.82 mln shares on offer. The portion for retail investors was subscribed 1.65 times. The company had reserved 11.25 mln shares for retail investors and received bids for 18.59 mln shares.
The portion reserved for qualified institutional buyers hardly found any takers today. The company received bids for 62,604 shares against 6.19 mln shares on offer. The employees' portion was subscribed 5.47 times, with bids received for 320,161 shares against 58,479 shares on offer. (Darshan Nakhwa)
IPO Alert: Ceigall India issue subscribed 61% on first day
Informist, Thursday, Aug 1, 2024
MUMBAI – The initial public offering of Ceigall India Ltd was subscribed 61% on the first day. The company received bids for 13.52 mln shares, against 22.31 mln shares on offer, according to data from the BSE.
The portion reserved for non-institutional investors was subscribed 90%, with the company receiving bids for 4.33 mln shares, against the 4.82 mln shares on offer. The portion for retail investors was subscribed 80%. The company reserved 11.25 mln shares for retail investors and received bids for 8.99 mln shares.
The portion reserved for qualified institutional buyers hardly found any interest today. The company received bids for 20,868 shares, against 6.19 mln shares on offer. (Anshul Choudhary)
IPO Alert: Ceigall India allots 9.36 mln shares to anchor investors
Informist, Thursday, Aug 1, 2024
MUMBAI – Ceigall India Ltd has allocated 9.36 mln shares at 401 rupees per share, aggregating 3.75 bln rupees, to anchor investors. HDFC Small Cap Fund, SBI General Insurance Co Ltd, Tata Multicap Fund, Max Life Insurance Co Ltd, ICICI Prudential Life Insurance C Ltd, Nomura, Integrated Core Strategies (Asia) PTE Ltd, Morgan Stanley Asia (Singapore) PTE are among the anchor investors.
Of the total allocation to anchor investors, 5.1 mln shares were allocated to nine domestic mutual funds through a total of 13 schemes. (Nivedita Yadav)
IPO Alert: Ceigall India sets price band at 380-401 rupees/share
Informist, Monday, Jul 29, 2024
MUMBAI – Ceigall India Ltd has set the price band for its initial public offering at 380-401 rupees a share. Bids can be placed for a minimum of 37 equity shares and in multiples of 37 thereafter. The issue will open for subscription on Aug 1 and close on Aug 5, while anchor investors can submit their bids on Jul 31. (Nivedita Yadav)
IPO Alert: Ceigall India gets SEBI's approval for public issue
Informist, Monday, Jul 8, 2024
MUMBAI – Ceigall India Ltd has received approval from the Securities and Exchange Board of India for an initial public offering. The regulator had issued an observation letter on Jul 2. (Nivedita Yadav)
IPO Alert: Ceigall India files draft papers with SEBI for IPO
Informist, Monday, Mar 4, 2024
MUMBAI – Ceigall India Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The Ludhiana-based company is engaged in undertaking specialised structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways, and runways.
The public issue comprises fresh issue of up to 6.18 bln rupees and an offer for sale of up to 14.29 mln shares. Each share of the company has a face value of 5 rupees.
The offer for sale consists of the sale of up to 4.28 mln shares by Ramneek Sehgal, up to 7.59 mln shares by Ramneek Sehgal and Sons HUF, up to 5,030 shares by Avneet Luthra, up to 927,154 shares by Mohinder Pal Singh Sehgal, up to 553,274 shares by Parmjit Sehgal, up to 922,124 shares by Simran Sehgal, and up to 1,677 shares by Kanwaldeep Singh Luthra. The offer also includes a reservation for subscription by eligible employees.
The company may consider a pre-IPO placement of shares aggregating to 1.24 bln rupees. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue to the extent of 1.19 bln rupees will be used for purchase of equipment; 3.45 bln rupees for repayment/prepayment, in full or in part, of certain borrowings availed by the company and its subsidiary Ceigall Infra Projects Pvt Ltd; and for general corporate purposes.
Up to 50% of the offer size will be available for allocation to qualified institutional buyers, over 15% of the offer size will be available for non-institutional investors, and over 35% of the offer will be available for retail investors.
Ceigall India is currently involved in 15 projects, comprising 11 EPC projects and four hybrid annuity model projects, including elevated corridors, bridges, flyovers, rail overbridges, tunnels, expressways, runways, and multi-lane highways. As of Jan 31, its order book stood at 92.06 bln rupees, with National Highways Authority of India contributing 81.72% of the order book. Its clientele includes public sector entities like Indian Railway Construction International Ltd, Military Engineer Services, and Bihar State Road Development Corp Ltd.
For the nine months ended Dec 31, the company's profit after tax was 1.97 bln rupees on a revenue of 20.86 bln rupees.
ICICI Securities Ltd, IIFL Securities Ltd, and JM Financial Ltd are the book-running lead managers, and Link Intime India Pvt Ltd is the registrar. The equity shares are proposed to be listed on the BSE and NSE. (Vijay Malkar)
End
Edited by Ashish Shirke
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