Ceigall India shares jump up to 15% in two sessions; what's fuelling the rally?

On the NSE, too, the share price gained as much as 6% to ₹288 till the time of writing this report.

With today's rally, the stock has gained 14.99% in two sessions (from the June 27 closing level of ₹250.80 to today's high levels on the BSE).

The company, which debuted on the bourses in 2024, on July 1, announced that its subsidiary, Ceigall Northern Ayodhya Bypass, has received an order from the National Highways Authority of India (NHAI). The project is regarding the construction of a 4/6 lane northern Ayodhya bypass. The project mode is HAM, and the size of the order is ₹1,199.30 crore.

Ceigall India listing details

Shares of infrastructure company Ceigall India on August 8, 2024, listed with a premium of nearly 4.50% against the issue price of ₹401.

The stock started the trade at ₹413, reflecting a gain of 2.99% from the issue price on the BSE. Later it jumped 5.98% to ₹425.

On the NSE, it listed at ₹419, up 4.48%.

The initial public offering (IPO) of Ceigall India got subscribed 13.75 times on the last day of the share sale.

The ₹1,252.66 crore initial share sale was a combination of a fresh issue of ₹684.25 crore and an offer-for-sale (OFS) of up to 1.42 crore equity shares worth ₹568.41 crore, at the upper end of the price band, by the promoters and an individual shareholder.

The price range for the offer was ₹380-₹401 per share.

Founded in 2002, Ceigall India is an infrastructure construction company with experience in undertaking specialised structural work such as elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, motorways and runways.

Its clientele includes public sector entities such as Indian Railway Construction International Ltd, Military Engineer Services and Bihar State Road Development Corporation Ltd.