Receives bids for 4.75 crore shares
The initial public offer (IPO) of PSP Projects received bids for 4.75 crore shares compared with 55.44 lakh shares on offer, NSE data showed. The IPO was subscribed 8.58 times. The price band for the IPO was fixed at Rs 205-210 per share. The issue opened on 17 May 2017 and closed on 19 May 2017.
The qualified institutional buyers (QIBs) category was subscribed 8.38 times. The non institutional investors category was subscribed 10.39 times. The retail individual investors (RIIs) category was subscribed 6.47 times.
The IPO committee of PSP Projects at a meeting held on 16 May 2017 allocated 45.36 lakh shares to nine anchor investors at Rs 210 per share aggregating to Rs 95.25 crore.
PSP Projects reported net profit of Rs 21.48 crore on net sales of Rs 239.10 crore in nine months ended 31 December 2016.
Promoted by first-generation entrepreneur Prahaladbhai Patel in 2008, PSP Projects (PSP) is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.
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