Ramky Infra IPO subscribed 1.5 times hours before close

Ramky Infrastructure Ltd's Rs 350 -crore initial share sale offering today got subscribed 1.5 times, hours before the close of the issue.

The Hyderabad-based infrastructure developer's issue got total bids for over 1.63 crore shares, as against 1.09 crore equities on offer, data till 1500 hours available with the NSE showed.

Ramky Infrastructure is the flagship company of the Ramky Group and has come out in the market with its IPO priced in the range of Rs 405 to Rs 468 per share.
    
The IPO consists of fresh shares aggregating up to Rs 350 crore and an offer for sale of shares amounting to about Rs 180 crore.
    
The public offer, which opened on September 21 will close today and the final figure would be available at the end of trade.
    
Rating agency Crisil has graded 3/5 to the IPO indicating average fundamentals.
    
Enam Securities and Deutsche Equities (India) are the book running lead managers to the issue.
    
The company's order book value was Rs 7,431 crore at the end of March 31. It had added contracts worth Rs 3,147 crore to its order book during the period from April 1, 2010, through to June 30, 2010.
    
In financial year 2009-2010, Ramky Infra posted a total income on a consolidated basis of Rs 2,251 crore. It had a net profit on a consolidated basis of Rs 128 crore during the same fiscal.