PSP Projects IPO subscribed 1.30 times

By Selene 0

New Delhi: The initial public offering of construction firm PSP Projects was subscribed 1.30 times till late morning trade on the last day of the issue on Friday.

The IPO to raise Rs211 crore received bids for 72,08,040 shares against the total issue size of 55,44,000, data available with the NSE till 11. 45am showed. The issue was subscribed 27% till Thursday.

PSP Projects on Tuesday raised a little over Rs95 crore from anchor investors. It has fixed a price band of Rs205-210 per share. The public issue comprises fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.

Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes. The issue is being managed by Karvy Investor Services and Motilal Oswal Investment Advisors.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional and residential projects in India.

First Published: Fri, May 19 2017. 01 30 PM IST

Source: Livemint.com