Shares of Ceigall India made a muted debut at Dalal Street on Thursday as the infra player was listed at Rs 419 on NSE, a premium of 4.49 per cent over its issue price of Rs 401. Similarly, the stock was listed with a premium of 2.99 per cent at Rs 413 on BSE, against the given issue price.
The listing of Ceigall India has been on the expected lines. Ahead of its listing, shares of Ceigall India were commanding a grey market premium (GMP) of Rs 17-18 apiece, suggesting a listing pop of roughly around 5 per cent for the investors. However, its GMP has crashed sharply amid the jittered market sentiments.
The IPO of Ceigall India ran between August 1 and August 5, where the company raised a total of Rs 1,252.66 crore from its primary stake sale, which was a fresh share sale of up to Rs 684.25 crore and an offer-for-sale (OFS) up to 1,41,74,840 shares. The infra company had offered its shares in the fixed price band of Rs 380-401 per share with a lot size of 37 shares.
The issue was overall subscribed a total of 13.78 times, led by the push from qualified institutional bidders (QIBs), whose quota was booked 31.50 times. The quota for non-institutional investors was subscribed 12.42 times. The portions reserved for employees and retail investors were booked 11.55 times and 3.77 times during the three-day bidding process.
Incorporated in 2002, Ludhiana-based Ceigall India is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways. The company completed over 34 road and highway projects as of July 2024.
ICICI Securities, IIFL Securities and JM Financial were the book running lead managers of the Ceigall India IPO, while Link Intime India was the registrar for the issue. Shares of the company are set to debut on both BSE and NSE.