PSP Projects IPO oversubscribed 8.58 times

The initial public offering of construction firm PSP Projects was oversubscribed 8.58 times on the last day of bidding on Friday.

The IPO to raise Rs 211 crore received bids for 4,75,43,370 shares against the total issue size of 55,44,000 shares, data available with the NSE till 1900 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 8.38 times, non institutional investors 10.39 times and retail 6.47 times, sources said.

The issue was subscribed 27 per cent till Thursday. PSP Projects on Tuesday raised a little over Rs 95 crore from anchor investors.

It has fixed a price band of Rs 205-210 per share. The public issue comprises fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.

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 and residential projects in India.