The initial public offer by Sadbhav Infrastructure Project has been assigned an IPO grade of four on five by rating agency Crisil. The grade indicates above-average fundamentals for the IPO.
“However, it is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals, nor is it a recommendation to buy/sell or hold the securities,” the agency clarified.
The company has filed draft offer documents with SEBI in December last year, for a fresh issue of ₹600 crore besides an offer-for-sale. Ahmedabad-based Sadbhav Infra, a subsidiary of Sadbhav Engineering, functions in the build-operate-transfer space in the road sector.