Ceigall India Ltd Sets IPO Price Band Between Rs 380-401 per Share

Ceigall India Ltd announced a price band of Rs 380-401 per share for its Rs 1,253 crore IPO. The IPO opens on August 1 and closes on August 5, featuring a fresh issue and an Offer for Sale. The proceeds will be used for equipment, debt repayment, and corporate purposes.

Infrastructure company Ceigall India Ltd has set a price band of Rs 380 to Rs 401 per share for its Rs 1,253 crore Initial Public Offering (IPO), which opens on August 1 and closes on August 5. The IPO comprises a fresh issue worth Rs 684.25 crore and an Offer For Sale (OFS) of up to 1.42 crore shares, valued at Rs 568.41 crore at the upper end of the price band, by promoters and an individual shareholder.

The proceeds from the fresh issue will be allocated for equipment purchases, debt repayment, and general corporate purposes. Founded in 2002, Ceigall India is an infrastructure construction firm specializing in elevated roads, flyovers, bridges, and other structural work. As of June 2024, their order book stood at Rs 9,470 crore, including clients like Indian Railway Construction International Ltd and Military Engineer Services.

In fiscal 2024, the company reported a revenue surge of 46.5 per cent to Rs 3,029.35 crore, with a profit after tax of Rs 304.3 crore. ICICI Securities Ltd, IIFL Securities Ltd, and JM Financial Ltd are the lead managers for the IPO, with shares to be listed on the BSE and NSE.

(With inputs from agencies.)