The issue opened for bidding on Thursday (1 August 2024) and it will close on Monday (5 August 2024). The price band of the IPO is fixed at Rs 380 to 401 per share. An investor can bid for a minimum of 37 equity shares and in multiples thereof.

The IPO comprises offer for sale (OFS) of 1,41,74,840 equity shares and fresh issue of equity shares, aggregating to Rs 684.25 crore.

Of the net proceeds from the fresh issue, about Rs 99.789 crore will be used to fund purchase of equipment, Rs 413.40 crore towards repayment and pre-payment of certain borrowings in part or full availed by the company or subsidiary, and balance towards general corporate purposes. The total borrowing stood at Rs 1,811.018 crore end of March 2024.

Ahead of the IPO, Ceigall India on Wednesday, 31 July 2024, raised Rs 375.19 crore from anchor investors. The board allotted 93.56 lakh shares at Rs 401 each to 29 anchor investors.

Ceigall India is an infrastructure engineering, procurement and construction (EPC) company undertaking specialized structural works such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways. The principal business operations are broadly divided into EPC projects and hybrid annuity model (HAM) projects.

These are spread over 10 states in India. The company takes up independent operation and maintenance (O&M) projects in addition to undertaking O&M activities in accordance with its contractual obligations under the EPC and HAM concession agreements. It executes sub-contracting projects.

The firm reported a net profit of Rs 306.14 crore and sales of Rs 3,029.35 crore for the twelve months ended on 31 March 2024.