Ceigall India's IPO Receives 61% Subscription on First Day

Infrastructure company Ceigall India's initial public offering received 61% subscription on its first day. The Rs 1,252.66-crore IPO saw significant interest from non-institutional and retail investors. Proceeds will be used for equipment purchase, debt payment, and corporate purposes. The IPO will close on August 5.

Ceigall India's initial public offering garnered 61% subscription on its first day of bidding Thursday.

The Rs 1,252.66-crore IPO received bids for 1,35,07,627 shares against 2,23,13,663 shares on offer, according to NSE data. Notably, the non-institutional investor category achieved 90% subscription while retail investors reached 80%.

The company has raised Rs 375 crore from anchor investors, with a price band for the IPO set between Rs 380 and Rs 401 per share. The Ludhiana-based firm's IPO includes a fresh issue of Rs 684.25 crore and an Offer-For-Sale of 1.42 crore equity shares worth Rs 568.41 crore at the upper price band. Promoters and significant shareholders are divesting stakes.

Founded in 2002, Ceigall India specializes in infrastructure projects like elevated roads, flyovers, and runways. The company aims to use the fresh issue's proceeds for equipment purchase, debt payment, and general corporate purposes. The IPO, managed by ICICI Securities, IIFL Securities, and JM Financial, will close on August 5, with shares expected to list on the BSE and NSE.