MUMBAI: Gammon Infrastructure Projects Ltd has priced its initial public offer at Rs 167 a share, at the lower end of the given price band, a company official said on Monday. At this level, the company, will raise Rs 276 crore from the 16.55-million-share offer.
The company will use the funds for investment in several projects, repaying debt and for acquisitions. Gammon Infra is 82.5 per cent owned by construction firm Gammon India. Its share offer, which closed on March 13, had been subscribed 3.48 times.
Qualified institutional buyers subscribed five times their alloted quota, high net worth individuals 3.5 times, and retail investors one time. A majority of the bids for the book-built offer had been received at the lower end of the Rs 167-200 price band.
"The listing on the stock exchanges is likely in the first week of April," company secretary Sathis Chandran said. IDFC-SSKI Investment Banking and Macquarie Capital Advisers are the book-running lead managers to the issue
The company will use the funds for investment in several projects, repaying debt and for acquisitions. Gammon Infra is 82.5 per cent owned by construction firm Gammon India. Its share offer, which closed on March 13, had been subscribed 3.48 times.
Qualified institutional buyers subscribed five times their alloted quota, high net worth individuals 3.5 times, and retail investors one time. A majority of the bids for the book-built offer had been received at the lower end of the Rs 167-200 price band.
"The listing on the stock exchanges is likely in the first week of April," company secretary Sathis Chandran said. IDFC-SSKI Investment Banking and Macquarie Capital Advisers are the book-running lead managers to the issue
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