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Ceigall India Limited’s Initial Public Offering (IPO) has been oversubscribed 13.75 times on its final day of bidding, showcasing strong investor interest despite a bearish market. The IPO, priced between ₹380 and ₹401 per share, saw bids for 30,67,00,770 shares against the offered 2,23,13,663 equity shares.
The Qualified Institutional Buyer (QIB) portion was highly sought after, with a subscription rate of 31.50 times. Non-Institutional Investors (NII) and Retail portions were subscribed 14.39 times and 3.71 times, respectively. The Employee Portion was also well-received, with a subscription rate of 11.16 times. ICICI Securities Limited, IIFL Securities Limited, and JM Financial Limited served as the book-running lead managers, while Link Intime India Private Limited acted as the registrar for the offer. The shares of the company are planned to be listed on both the recognized stock exchanges.
Ceigall India, headquartered in Ludhiana, is a prominent engineering, procurement, and construction (EPC) firm, boasting a significant three-year revenue compound annual growth rate (CAGR) for Fiscal 2024.The company has demonstrated significant growth, with a 43.10% year-on-year revenue increase in Fiscal 2024 and a CAGR of 50.13% from Fiscal 2022 to 2024.
Over the past 20 years, Ceigall India has grown from a small construction company into a leading EPC player, focusing on road and highway projects across ten states in India. With a current order book valued at ₹94,708.42 million, the company has completed over 34 projects and has 18 ongoing projects, including elevated corridors, bridges, and metro projects. In Fiscal 2024, the company’s revenue rose by 46.48% to ₹30,293.52 million, and its profit saw a substantial increase to ₹3,043.07 million.