Construction company PSP Projects on Tuesday raised Rs 95.25 crore from nine anchor investors, a day ahead of its initial public offering (IPO). PSP Projects allotted 45.36 lakh crore shares at a rate of Rs 210 per share. Investors acquiring shares in the anchor allotment include Reliance Capital, Axis Mutual Fund, Birla Sun Life Insurance, Sundaram Mutual Fund, IDFC Mutual Fund among others.
PSP Projects has priced its initial public offering (IPO) in the range of Rs 205-210 per equity share, with an aim to raise Rs 211.68 crore. The IPO is scheduled to open on May 17 and close on May 19. The company plans to use the net proceeds of the fresh issue to fund working capital requirements of the company, capital expenditure, and general corporate purposes. The company will not receive any proceeds from the Offer for Sale.
For the nine months ended December 31, 2016, PSP Projects posted a consolidated net profit of Rs 20.7 crore. For the year ended March 31, 2016, the company posted a net profit of Rs 22.6 crore. Karvy Investor Services and Motilal Oswal Investment Advisors are the books running lead managers to the issue. PSP Projects Limited is a construction company offering construction and allied services across industrial, institutional, government, and residential projects.