Ahmedabad, July 30, 2024: Ceigall India Limited, an infrastructure construction company, has fixed the price band of Rs 380/- to Rs 401/- per Equity Share of face value Rs 5/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Thursday, August 1, 2024, for subscription and close on Monday, August 5, 2024. Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter, the company said today.

As per the company, “The IPO consists of fresh issue of up to Rs 6,842.52 million and an offer for sale (OFS) of up to 1,41,74,840 equity shares by Promoter Selling Shareholders and Individual Selling Shareholder. The proceeds from the fresh issue, to the extent of Rs 997.89 million will be used for purchase of equipment; Rs 4,134 million for repayment/ prepayment, in full or in part, of certain borrowings availed by the Company and its Subsidiary, CIPPL; and General corporate purposes.”

“The Ludhiana-based Company’s principal business operations are broadly divided into EPC projects and hybrid annuity model (“HAM”) projects, spread across over ten states in India. As on June 30, 2024, the Company’s Order Book was Rs 94,708.42 million,” an official statement said.

“The Company has completed over 34 projects, including 16 EPC, one HAM, five O&M and 12 Item Rate Projects, in the roads and highways sector. Currently, it has 18 ongoing projects, including 13 EPC projects and five HAM projects which includes elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressway, runway, metro projects and multi-lane highways,” the statement added.

The company statement also states, “ICICI Securities Limited, IIFL Securities Limited, and JM Financial Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.”