ARSS Infrastructure Projects today said it has fixed the issue price of its initial public offer (IPO) at Rs 450 per share, the upper end of its price band.

The issue price of IPO at Rs 450 per share is 45 times of the face value of Rs 10 per equity, ARSS Infrastructure said in a public announcement today.

The Rs 103-crore IPO that opened on February 8, was subscribed 47.62 times. The issue was closed on February 11.

ARSS Infrastructure is engaged in construction of roads, highways, bridges, irrigation projects.

The company expects to generate profits by execution of projects as a result of such investments and work orders that would be received through the credentials of joint venture partners.

For the nine-month period ended December 31, 2009, ARSS Infra posted a net profit of Rs 50 crore and a revenue of Rs 609 crore.

IDBI Capital Market Services and SBI Capital Markets are the book-running lead managers to the issue.

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