Ceigall India opens bid for IPO on August 1. Check dates, other details
Ceigall India announced that the bids for its initial public offering (IPO) will open on August 1 and close on August 5.
The IPO consists of a fresh issue of shares worth Rs 617.69 crore and an offer for sale (OFS) of up to 1.42 crore shares with a face value of Rs 5 per share.
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 company has informed that the price band, employee discount and the minimum bid lot will be decided by the company in consultation with their book running lead managers and will be intimated in due course of time.
Up to 50% of the IPO has been kept reserved for QIB (qualified institutional buyers), at least 15% for non-institutional investors and at least 35% for retail investors.
The shares of Ceigall India will be listed on the NSE and BSE platforms.
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The net proceeds of the offer for sale will be received by the selling shareholders, according to the Red Herring Prospectus (RHP) and the company will not receive any proceeds from the offer for sale.
Meanwhile 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 was established in July 2002 and over the past two decades has evolved from a small
