Ceigall India lists at Rs 419 on the National Stock Exchange, a premium of 4.5% to the issue price.
The company opened its IPO to investors on August 01 and closed it on August 05 after collecting a sum of Rs 1,252.66 crore. The company raised funds by selling fresh shares and offloading shares of promoters and other selling shareholders.
Price Band
The company kept the IPO price band in a range of Rs 380 to Rs 401 per equity share. A retail buyer had to bid for at least one lot containing 37 shares, which amounts to Rs 14,837. The allotment of shares was finalised on August 06.
Employee Reservation
The issue had saved more than 55,000 shares of the company for employees. These equity shares were available to the employees at a discount of Rs 38 to the issue price.
About Ceigall India
Ceigall is one of the fastest growing EPC players (3 years revenue CAGR 50%), among its peers with a turnover of over Rs 1,000 crore in FY24. It undertakes specialized structural work viz. elevated roads, flyovers, rail over bridges and tunnels, spread across 10 states. It has a successful track record in executing projects of different sizes ranging from 20 lane km to 260 lane km in terms of length.
Expert’s Take on IPO
“Over the last two decades, Ceigall has transitioned from a small construction company to an established EPC player. It recently acquired a 50% stake in R.K. Infra, which will benefit the company in terms of project execution capabilities and bidding credentials for future projects. The IPO is reasonably priced at 23x FY24 P/E (on a diluted basis). We believe with the government’s focus on infrastructure, Ceigall is poised to benefit,” said Motilal Oswal in an IPO note. The brokerage firm gave a “Subscribe” rating to the IPO of Ceigall India.
BRLMs and Registrar
ICICI Securities, IIFL Securities, and JM Financial are the book-running lead managers of the IPO, while Link Intime India is the registrar for the issue.