Ceigall India IPO: Check subscription on Day 1, GMP and other details
Ceigall India opened on Thursday, the issue was booked 29% so far on the first day of the bidding process.
The highest demand was driven by the employees, which was booked 1.35 times, followed by the retail investors, whose category was booked 43%. The non-institutional category was subscribed by 35%, while the part reserved for QIB investors was not booked so far.
Ceigall India GMP
In the unlisted market, the company's shares are trading with a GMP of Rs 90, which translates into a premium of about 22% over the issue price.
The IPO comprises a fresh equity issue of Rs 617.69 crore and an offer for sale (OFS) of up to 1.42 crore shares. Under the OFS, Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Sing Sehgal, Parmjit Sehgal, Simran Sehgal and Kanwaldeep Singh Luthra will be offloading their part stakes.
The proceeds from the fresh issue will be utilized by the company for purchase of equipment, repayment/ prepayment of certain borrowings of the company and its subsidiaries and general corporate purposes.
Ceigall India IPO price band
Ceigall India has announced a price band of Rs 380-401 for its IPO, where investors can bid for 37 shares in one lot. At the upper end, the company plans to raise about Rs 1253 crore.
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Ceigall India IPO review
Analysts advised investors to subscribe to the IPO as the company is one of the fastest-growing EPC player with 20 years experience, expertise in executing specialized structures projects of
