The initial public offering of construction firm PSP Projects was subscribed 27 per cent on the second day of the three days of bidding today. The IPO received bids for 14,79,940 shares against the total issue size of 55,44,000 shares, data available with the NSE showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 4 per cent and non institutional investors 16 per cent. Retail investors category was oversubscribed 1.11 times. PSP Projects on Tuesday raised a little over Rs 95 crore from anchor investors. The company's initial share-sale offer closes tomorrow.
It has fixed a price band of 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 multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.