Prakash Constrowell’s Initial Public Offering (IPO) was subscribed 0.65 times till 1600 hrs on day two. As per the data available with the NSE, total bid of 3022900 shares were received for the issue of 4615385 shares, 1701500 bids were received at the cut-off price.
The company has set a price band of Rs 130 - 138 (face value Rs 10 per share). The issue closes on September 21, 2011. Intensive Fiscal Services is the sole Book Running Lead Manager and Bigshare Services is the registrar to issue. It has been graded by CARE as “CARE IPO Grade 2” indicating below average fundamentals.
The company intends to utilize the issue proceeds for meeting working capital requirement, to invest in construction equipments and to invest in subsidiaries.
Prakash Constrowell, headquartered at Nasik, is a construction company engaged in the business of infrastructure development and civil construction. The company undertakes projects for various Government / semi-government bodies and other private sector clients.