Active Infrastructures make muted debut, shares list flat ₹181 on NSE SME; check details

Active Infrastructures Ltd shares were listed flat at ₹181 per piece on the NSE SME platform on Friday, March 28, marking a listless debut on the stock exchange.

Shares of Active Infrastructures Ltd opened for trading at the issue price of ₹ 181 per share and marginally advanced by 0.22% to hit an intraday high of ₹181.4 apiece.

More than 3.53 lakh equity shares changed hands on the NSE SME platform, Emerge. The total turnover stood at ₹ 6.39 crore. The market valuation of the company reached ₹272.37 crore.

At the listing price of ₹ 181 per share, the value of a single lot of equity shares bagged by IPO investors remained unchanged at ₹1,08,600 (₹181 x 600) compared to the minimum investment in the IPO at the upper price band.

Active Infrastructures Ltd mobilised ₹77.83 crore through its initial public offering. The IPO was open for subscription from March 21 to March 25. The book building offer comprised a fresh issue of 43 lakh equity shares and no offer-for-sale (OFS) component. The company had fixed the price band at ₹178 to ₹181 per share for the IPO. The lot size was 600 shares and the minimum investment required was ₹1,08,600 per lot.

The money generated will be used for working capital requirements, repayment of debt, capital expenditure to buy construction equipment, general corporate purposes and to meet issue expenses.

Active Infrastructures IPO was subscribed 1.05 times on the final day. The issue sailed through on the demand from qualified institutional buyers (QIBs). Retail investors gave a lukewarm response to the issue.

According to exchange data, the non-institutional investors (NIIs) portion was booked 1.66 times as bids for 29.26 lakh shares against the quota of 16.33 lakh shares. The QIBs segment was fully subscribed compared to the allocation of 1.63 lakh shares.

The retail quota remained undersubscribed at 57%. Bids for 11.73 lakh shares were received from retail investors against their quota of 20.42 lakh shares.

The company had raised ₹4.43 crore from anchor investors in the pre-bid round. It allotted 2,44,800 equity shares to two fund schemes at a price of ₹181 per share.

Civil construction firm Active Infrastructures specialises in infrastructure development and commercial project construction. The company focuses on projects like bridges, roads, water supply and irrigation systems. It also builds commercial spaces like offices, retail centers and exhibition halls. It has undertaken projects in Uttar Pradesh, Madhya Pradesh, Maharashtra and Tripura.

The company has proposed to utilise IPO proceeds for meeting working capital requirements, debt repayment, purchase of construction equipment and other general corporate purposes.

Active Infrastructures reported a revenue of ₹33.9 crore for the April- September period of FY25. The company’s profit after tax (PAT) stood ₹5.55 crore in the six-month period.

Its revenue stood at ₹97.43 crore in FY 2023-24 against ₹89.59 crore in FY 2022-23. In FY24, the company’s net profit marginally increased to ₹10.45 crore from ₹9.87 crore in FY23.