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The company designs and executes construction projects in sectors such as water supply, railways, roads and irrigation. As of March 31, 2023, it derived 85.3% of the total revenue from water supply projects
As per the DRHP, the proceeds from the issue will be utilized to the extent of Rs 463.90 crore for repayment, in full or in part, of borrowings availed from banks by the company and material subsidiary and for general corporate purposes
About 50% of the offer is set aside for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors
The fundraise was conducted in two tranches, in consultation with the book running lead managers, allocating 59.75 lakh shares at a price of Rs 164 apiece
The IPO comprises fresh equity issue of Rs 162 crore and offer for sale (OFS) of 1.75 crore equity shares. The company has fixed a price band of Rs 102-108 per share and investors can bid for a minimum of 130 shares in one lot and in multiples thereafter.