Ahmedabad-based PSP Projects plans to raise ₹207-212 crore through an IPO in the price band of ₹205-210 a share. A total of about one crore shares is expected to be offered to investors. This would include a fresh issue of 72 lakh shares, with the rest being an offer-for-sale by the promoters.
The minimum bid lot is 70 shares and in the multiples thereof.
The IPO is expected to remain open between May 17 and May 19.
PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.
Gujarat, big contributor The company’s revenues and profit have grown at CAGR of 26.35 per cent and 31.44 per cent, respectively, between FY12 and FY16. Majority of the company’s order book worth ₹729 crore comes from Gujarat (70 per cent) followed by Rajasthan and Karnataka.
The company plans to use the proceeds of the fresh issue for working capital requirements, capital expenditure and other expenditure.
Karvy Investor Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue.