Prakash Constrowell IPO subscribed 2.21 times on Day 3

The initial public offer (IPO) of Prakash Constrowell, which is engaged in infrastructure development and civil construction, was subscribed 2.21 times on the last day of the issue today.

The company's Rs 60-crore IPO received bids for one crore equity shares as against 4.61 million shares on offer, as per the data available on the National Stock Exchange till 1700 hrs.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 0.31 times, while that of non institutional investors was subscribed 2.76 times. Retail individual investors category got 4.68 times subscription.

Prakash Constrowell has entered the capital market with a price band of Rs 130-138 per equity share of Rs 10 each for its public issue.

The issue which opened for subscription on September 19 closed today.

The company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipment and subsidiaries, in addition to meeting the general corporate purposes and public issue expenses.

Intensive Fiscal Services is the sole book running lead manager to the issue.

Prakash Constrowell operates in the three segments of construction namely infrastructure development, civil construction and residential and commercial real estate construction.

As of June 30, 2011, its order book, was Rs 150.81 crore and is spread across the construction sectors in which it operates.