MEP Infra IPO sees 18 pc subscription on first day

The initial public offer of toll management company MEP Infrastructure Developers was today subscribed 18 per cent on the first day of the offer.
The Rs 324-crore public offer received bids for 70,83,000 shares against the total issue size of 4,02,89,225, reflecting a subscription of 18 per cent, data available with the NSE till 1700 hours showed.
"We are raising Rs 324 crore, which we plan to largely utilise for repayment of loans borrowed by our subsidiary MIPL and for general corporate purposes," MEP Infrastructure Vice- Chairman and Managing Director Jayant Mhaiskar had said earlier.
The issue, which will be listed on the NSE and BSE, will close on April 23. The company has fixed Rs 63-65 as the price band for the IPO.

According to the company, MIPL has a debt of nearly Rs 2,775.52 crore on its books as on January 31.
The issue is being managed by IDFC Securities, Inga Capital and IDBI Capital Market Services.
The company, along with its subsidiaries, has operated 68 projects with an aggregate of 122 toll plazas and 783 lanes across 12 states.