Ceigall India IPO opens for subscription: Check issue size, price band, key dates and more

Infrastructure company Ceigall India's initial public offering (IPO) opened for subscription on Thursday. The issue, which will conclude on August 5, has a price band of ₹380 to ₹401 per share.

The ₹1,252.66-crore IPO is a mix of fresh issuance of shares worth ₹684.25 crore and an offer-for-sale (OFS) component of up to 1.42 crore shares worth ₹568.41 crore by promoters and an individual selling shareholder.

Promoters and promoter group entities offloading their stake include Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Mohinder Pal Singh Sehgal, Avneet Luthra, Simran Sehgal and Parmjit Sehgal. Individual shareholder Kanwaldeep Singh Luthra is also divesting his stakes in the public issue.

The Ludhiana-based company mobilised ₹375 crore in the anchor round on Wednesday. Anchor investors who participated include ICICI Prudential Mutual Fund (MF), Axis MF, HDFC MF, Bandhan MF, Bajaj Allianz Life Insurance Company Ltd, Max Life Insurance Ltd, ICICI Prudential Life Insurance Company Ltd, Nomura, Societe Generale, Integrated Core Strategies(Asia) PTE Ltd, Citigroup Global Markets Mauritius and Morgan Stanley Asia (Singapore) PTE.

The IPO proceeds will be used for the purchase of equipment, debt repayment and general corporate purposes.

Ceigall India IPO timeline

• Bidding dates: August 1 to August 5
• Allotment finalisation: August 6
• Refund initiation: August 7
• Demat transfer: August 7
• Listing: August 8

About Ceigall India

Ceigall India, established in 2002, is an infrastructure construction company that undertakes specialised structural work, such as elevated roads, bridges, flyovers, railway over bridges, highways, tunnels, expressways, and runways.

The company's order book as of June 2024 stood at ₹9,470 crore. Its clients include Indian Railway Construction International Ltd, Bihar State Road Development Corporation Ltd and Military Engineer Services.

The company's revenue from operations increased 46.5% to ₹3,029.35 crore in the financial year 2023-24 from ₹2,068.17 crore in the previous fiscal and net profit grew to ₹304.3 crore from ₹167.27 crore.