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PSP Projects IPO subscribed 8.45 times

Capital Market 

Receives bids for 4.68 crore shares

The initial public offer (IPO) of PSP Projects received bids for 4.68 crore compared with 55.44 lakh on offer on the final day of bidding for the IPO, data showed on NSE as at 16:45 IST today, 19 May 2017. The IPO was subscribed 8.45 times. The price band for the IPO has been fixed at Rs 205-210 per share. The issue opened on 17 May 2017 and closed today, 19 May 2017.

The offer comprises of fresh issue of 72 lakh At the lower price band of Rs 205 per share, the size of the issue is Rs 147.60 crore and at the higher price band of Rs 210 per share, Rs 151.20 crore.

The offer also comprises of offer for sale of 28.8 lakh shares. At the lower price band of Rs 205 per share, the size of the issue works out to Rs 59.04 crore and at the higher price band of Rs 210, Rs 60.48 crore. The offer for sale of 28.8 lakh shares is by the promoters and promoter group Prahaladbhai Patel, Shilpaben Patel, Pooja Patel and Sagar Patel.

The IPO committee of PSP Projects at a meeting held on 16 May 2017 allocated 45.36 lakh shares to nine anchor investors at Rs 210 per share aggregating Rs 95.25 crore.

The objects of the issue include Rs 52 crore towards capital expenditure, Rs 63 crore for capital requirements and rest for general corporate purpose apart from the benefits of listing the equity shares on the BSE and the NSE of enhanced visibility and brand image and providing liquidity to the existing shareholders.

PSP Projects reported net profit of Rs 21.48 crore on net sales of Rs 239.10 crore in nine months ended 31 December 2016.

Promoted by first-generation entrepreneur Prahaladbhai Patel in 2008, PSP Projects (PSP) is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 19 2017. 17:06 IST