July 31, 2024
New Delhi, India
Ceigall India IPO Begins Subscription from August 1
The initial public offering (IPO) of Ceigall India is set to open for subscription on Thursday, August 1, and will close on Monday, August 5. The price band for the IPO has been set at ₹380 to ₹401 per equity share with a face value of ₹5. Allocation to anchor investors is scheduled for Wednesday, July 31.
Key Details:
- Subscription Dates: August 1 to August 5
- Price Band: ₹380 to ₹401 per equity share
- Face Value: ₹5 per share
- Lot Size: 65 equity shares, with subsequent lots of 37 equity shares
Offer Structure:
- Fresh Issue: ₹684.3 crore
- Offer-for-Sale (OFS): 1,41,74,840 equity shares by existing shareholders, including promoters
- Selling Shareholders in OFS: Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, and Simran Sehgal
Use of Proceeds: The net proceeds from the IPO will be used to fund Ceigall Infra Projects Private Limited, general corporate purposes, equipment acquisitions, and the repayment or prepayment of certain debts.
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Lead Managers and Registrar:
- Book Running Lead Managers: ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd
- Registrar: Link Intime India Private Ltd
Ceigall India IPO Overview: The IPO includes a fresh share sale of ₹684.3 crore and an OFS of up to 1,41,74,840 equity shares by its promoters and existing shareholders. Interested investors can apply for a minimum of 37 equity shares and multiples thereof.
Ceigall India IPO Peers:
- PNC Infratech: P/E of 14.75
- G R Infraprojects: P/E of 12.60
- H.G. Infra Engineering: P/E of 20.43
- KNR Constructions: P/E of 13.17
- ITD Cementation India: P/E of 29.39
- J Kumar Infraprojects: P/E of 19.68
Order Book: As of June 30, 2024, Ceigall India’s order book stood at:
- ₹9,470.84 crore (FY 2024)
- ₹9,225.78 crore (FY 2023)
- ₹10,809.04 crore (FY 2022)
- ₹6,346.13 crore (FY 2021)
80.31% of the order book consisted of projects granted by the NHAI. Other public sector clients include Indian Railway Construction International, Military Engineer Services, and Bihar State Road Development Corporation Ltd.
Financial Performance: Ceigall India experienced significant growth in profitability and revenue:
- Profit (FY 2024): ₹304.31 crore, up from ₹167.27 crore (FY 2023)
- Revenue from Operations (FY 2024): ₹3,029.35 crore, up from ₹2,068.17 crore (FY 2023)
- Book to Bill Ratio: 3.05 (FY 2024), 5.23 (FY 2023), 5.60 (FY 2022)
The Ceigall India IPO offers investors an opportunity to participate in the growth of a significant player in the infrastructure sector. With a robust order book and strong financial performance, Ceigall India is well-positioned for future growth. Investors should review the Red Herring Prospectus (RHP) for detailed information before making investment decisions.
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