Man Infra eyes foreign partners for tech support

Man Infraconstruction is scouting for foreign partners for technical support and to build its equipment base, a top company official today said.

"We are looking at some technical collaboration with foreign companies to set up our equipment base here," Man Infra Executive Director Suketu Shah told PTI at the listing ceremony of the company on the National Stock Exchange (NSE).

The company listed at a premium of 33 per cent at Rs 335 on the BSE over its issue price of Rs 252 per share. On NSE, it opened 26.19 per cent higher at Rs 318.

The construction firm had fixed the price band of the Initial Public Offer at Rs 243-252 for 56,25,150 equity shares. It has raised around Rs 143 crore from the issue and plans to use the proceeds for purchasing capital equipment.

At present, it has an orderbook of Rs 2,000 crore and expects to add another Rs 2,000 crore in the next 2-3 months.

"Our current orderbook is Rs 2,000 crore, of which Rs 350 crore comprises contracts from the government. We are expecting another Rs 2,000 crore orders, of which Rs 1,500-1,800 crore will be from the government," Man Infra Managing Director Parag Shah said.

Most of the projects will be on PPP model and the company expects a turnover of Rs 875 crore from the current orderbook, he said. Last month, investors gave a good response to the IPO by subscribing 62.33 times at the end of the offer, making it the most successful issue so far in the year.

The offer saw strong support from both institutional as well as non-institutional investors.