Ganesh Infraworld IPO receives bids worth over ₹22,000 crore, issue subscribed nearly 370x; check allotment date

Ganesh Infraworld Limited IPO witnessed an overwhelming demand on the last day of bidding on Tuesday, December 3, as the public offer was booked nearly 370 times.

The NSE SME issue received bids for more than 276.78 crore shares across investor categories against 74.86 lakh shares on offer.

The initial public offering of Ganesh Infraworld Limited received bids for more than 34.95 crore shares from Qualified Institutional Buyers (QIBs) against 21.37 lakh shares on offer. The QIBs booked their quota 163.52 times.

The Non-institutional Investors (NIIs) applied for over 139 crore shares against 16.04 lakh shares set aside for them, leading to a subscription of 866.56 times in the category. The retail portion was booked 274.48 times with applications for 102.76 crore shares against 37.44 lakh shares reserved for the segment.

The NSE SME opened for subscription on Friday, November 29.

Ganesh Infraworld Limited IPO details

The Ganesh Infraworld IPO, valued at ₹98.58 crore, was a book-built offer consisting solely of a fresh issue of 118.77 lakh shares.

The IPO price band was set between ₹78 and ₹83 per share. Retail investors were required to apply for a minimum lot size of 1,600 shares, translating to an investment of ₹1,32,800.

For High Net-Worth Individuals (HNIs), the minimum investment involved buying two lots of 3,200 shares worth ₹2,65,600.

Vivro Financial Services Private Limited is the book-running lead manager for this IPO, Link Intime India Private Ltd is the registrar, and Rikhav Securities is the market maker supporting the IPO.

Vibhoar Agrawal and Rachita Agrawal are the company's promoters. Prior to the issue, they held an 81.84% stake. The shareholding percentage post-issue has yet to be disclosed.

Ganesh Infraworld Limited IPO dates

Following the subscription, the IPO share allotment status is scheduled to be finalised on Wednesday, December 4. Refunds for unsuccessful applicants and the transfer of shares to the allottees' Demat accounts will be done on December 5.

The IPO listing has been tentatively scheduled for Friday, December 6. Shares of Ganesh Infraworld Limited will be listed on the NSE SME platform Emerge.

Ganesh Infraworld Limited IPO objectives

Ganesh Infraworld intends to use the proceeds from the IPO primarily to meet long-term working capital needs. A part of the proceeds will also be used for general business purposes.

About Ganesh Infraworld Limited

Ganesh Infraworld Limited, founded in 2017, is a construction company providing services across industrial, civil, residential and commercial projects. Specialising in civil and electrical infrastructure, road and rail development, and water distribution projects, the company has participated in initiatives like the ‘Har Ghar Jal Mission’ in Uttar Pradesh. Offering end-to-end EPC services, Ganesh Infraworld handles planning, design, execution and material supply. Its clients include Magnum Ventures, Raikela Iron Ore Mines, and Celica Motocorp, with operations spanning states like Rajasthan, Uttar Pradesh, Maharashtra and Odisha.