Mumbai: Ahmedabad-based construction company PSP Projects Ltd which is constructing the first building at Sabarmati riverfront, which has built Sabarmati Riverfront in Ahmedabad, Swarnin Sankul – the office of Gujarat Chief Minister in Gandhinagar, which is constructing the headquarters of State Bank of India (Gujarat) and other buildings in GIFT city, which is giving new look to Gujarat Assembly complex, which has constructed Ahmedabad’s tallest building (Zydus hospital on SG Highway) will launch its initial public offering on 17 May.

Some of the major construction projects executed by PSP Projects include GCS Medical College, Hospital and Research Centre (managed by the Gujarat Cancer Society) and the Zydus Hospital at Ahmedabad.Company’s client list includes Cadila Healthcare Ltd, Care Institute of Medical Sciences Ltd (CIMS), Claris Injectables Ltd, Emcure Pharmaceuticals Ltd, Gelco Electronics Pvt Ltd, government of Gujarat, Intas Pharmaceutical Ltd, Amul Dairy, Nirma Ltd and Torrent Pharmaceuticals Ltd.

PSP Projects offers a range of construction and allied services across industrial, institutional, government and residential projects in India. The services offered include planning and design as well as construction and post-construction activities. Since its incorporation in August 2008, the company has executed 80 projects.

The company’s total order book, as of 31 March, stood at Rs 729.1 crore, comprising 17 institutional projects, four industrial, four government and two government residential projects.

A price band of Rs 205-210 per share has been set for the initial share sale. The offering, which will close on 19 May, comprises a fresh issue of shares and an offer for sale by the promoters of the company. The company will sell as many as 10.08 million shares, which at the upper end of the price band will fetch the company and its promoters a total of Rs211.6 crore, including a primary fund raise of Rs 151 crore.PSP projects plans to use the IPO proceeds to fund working capital and capital expenditure requirements and for general corporate purposes.

The company reported revenue of Rs 467.7 crore for the year ended 31 March 2016, as compared with Rs 286.9 crore in the previous year. It posted a profit of Rs24.9 crore for FY 2015-16, as against Rs 14 crore in the previous year. For the nine months ended 31 December, the company posted revenue of Rs 249.4 crore.