The initial public offering of construction firm PSP Projects was subscribed 11 per cent on the first day of bidding today. The offer received bids for 6,12,150 shares against the total issue size of 55,44,000 shares, data available with the NSE showed. The category reserved for non-institutional investors was subscribed 15 per cent and retail investors 38 per cent. PSP Projects yesterday raised a little over Rs 95 crore from anchor investors. The company's initial share-sale offer will close on May 19.
It has fixed the price band at Rs 205-210 per equity share. The public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.80 lakh shares by existing shareholders. It is expected to raise Rs 211 crore. Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes. The issue is being managed by Karvy Investor Services and Motilal Oswal Investment Advisors. PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.