Ceigall India has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The company's IPO is a combination of a fresh issue of Rs 617.69 crore and an offer-for-sale (OFS) of up to 1.43 crore equity shares by the promoters, and an individual selling shareholder.
Proceeds from the fresh issue to the tune of Rs 118.78 crore will be used for purchase of equipment, and Rs 344.50 crore for payment of debt, besides a portion will be used for general corporate purposes. ICICI Securities, IIFL Securities and JM Financial are the book-running lead managers for the IPO. The equity shares are proposed to be listed on the BSE and NSE.
Founded in 2002, Ceigall India is an infrastructure construction company with experience in undertaking specialised structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways.
