- As of 5 pm on Friday, no qualified institutional buyers or QIBs had bid for the issue.
- The interest from retail and non-institutional investors was also very low.
- Two other IPOs – that of drone maker IdeaForge and circuit board maker Cyient DLM – closed on Friday.
As of 5 pm on Friday, no qualified institutional buyers or QIBs had bid for the issue. The interest from retail and non-institutional investors was also very low.
Two other IPOs closed on Friday – while drone maker IdeaForge’s public issue was subscribed 106 times, circuit board maker Cyient DLM’s IPO was subscribed 67 times on the last day of their issue.
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The company intends to raise as much as ₹379 crore via the public issue. The issue comprises an offer for sale and a fresh issue of shares – which will be used to invest in subsidiaries, long-term working capital need, pursuing inorganic growth through and towards general corporate purposes.
The bids will be received in 100 equity shares and in multiples thereof.
The company is in the business of construction and development, hospitality and management services. Its net profit grew by 32% to ₹40.5 crore in FY22, as compared to the year before. Its revenue, however, fell by 17.4% to ₹199 crore in the same period.
Failure to obtain new civil contracts, delay or cessation of annuity payments, weather risks for its hydro projects are some of the risks associated with the company.
The grey market premium, i.e. the premium at which the IPO shares trade in an unofficial market, is at ₹5, as per media reports.
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