Niraj Cement Structurals, an engineering and construction company, will open for subscription today with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each on May 26, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 30, 2008.
Niraj Cement Structurals, an engineering and construction company, will enter the capital market with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each through 100% book building process on May 26, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 30, 2008.
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The company proposes to utilize the net proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements for general corporate purposes.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority, Kidco and New Mangalore Port Trust. Its present areas of operations are road construction and other infrastructure related works including providing EPC services. The company's total turnover for FY2008 was Rs 92.86 crore and PAT at Rs 6.52 crore.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The Book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Tuesday, May 27, 2008
Niraj Cement IPO opens for subscription
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