PSP projects plans IPO, files papers with Sebi

Ahmedabad-based multidisciplinary construction company PSP Projects (PSP) filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO).

The public issue consists of up to 10,080,000 equity shares of face value of Rs 10 each. The IPO comprises of a fresh issue of up to 7,200,000 equity shares and offer for sale of up to 2,880,000 equity shares, a company statement said.

The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the Book Running Lead Managers (BRLMs), it said.

According to statement, the net proceeds from the fresh issue will be utilised towards funding working capital requirements, funding capital expenditure requirements of the company and for general corporate purposes.

PSP offers a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in the country.