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Ceigall India's ₹1,253-crore IPO to open on August 1: Price band at ₹380-401
Ceigall India IPO: In the IPO, 35 per cent is reserved for retail investors and the remaining 15 per cent for non-institutional investors.
Infrastructure company Ceigall India Ltd fixed a price band of ₹380 to ₹401 per share for its ₹1,253 crore Initial Public Offering (IPO). The IPO will open for subscription on August 1 and conclude on August 5. The company's IPO is a combination of a fresh issue of ₹684.25 crore and an Offer For Sale (OFS) of up to 1.42 crore equity shares worth ₹568.41 crore, at the upper end of the price band, by the promoters, and individual selling shareholder.
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Promoters and promoter group entities- Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, Simran Sehgal- and individual shareholder Kanwaldeep Singh Luthra are divesting their stakes in the IPO.
Net proceeds from the IPO will be used for the purchase of equipment, payment of debt and for general corporate purposes.
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The company, founded in 2002, has experience in undertaking specialised structural work such as roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways.
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In the IPO, 35 per cent is reserved for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 37 equity shares and in multiples thereof. ICICI Securities Ltd, IIFL Securities Ltd and JM Financial Ltd are the book-running lead managers for the IPO. The equity shares are proposed to be listed on the BSE and NSE.
