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Ceigall India IPO is a book-built issue of Rs 1,252.66 crores. The issue is a combination of a fresh issue of 1.71 crore shares aggregating to Rs 684.25 crores and an offer for sale of 1.42 crore shares aggregating to Rs 568.41 crores.
The IPO opens for subscription on August 1, 2024, and closes on August 5, 2024. The price band is set at ₹380 to ₹401 per share. The minimum lot size for an application is 37 Shares.
Company Summary
Founded in 2002, Ceigall India Limited 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 specializes in the construction, development, and execution of major multi-lane highway projects with specialized structures in various states of India, including Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Delhi, Maharashtra, and Bihar.
The company has 18 ongoing projects, including 13 EPC projects and five HAM projects. These involve elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.
The company’s Order Book as of June 30, 2024, and for the fiscal years 2024, 2023, and 2022, were ₹94,708.42 million, ₹92,257.78 million, ₹108,090.43 million, and ₹63,461.30 million, respectively.
Company Strengths
We are one of the fastest growing engineering, procurement, and construction (“EPC”) companies in terms of three-year revenue CAGR as of Fiscal 2024, among the companies with a turnover of over ₹ 10,000 million in Fiscal 2024.
The company has been able to generate ROCE of 31.98%, 28.67%, and 29.84% and RoE of 33.57%, 28.20 %, and 29.19%, for the Fiscals 2024, 2023, and 2022, respectively.
Ceigall India Limited won the “Gold Award” at the National Highways Excellence Award, 2020 for the Khemkaran-Amritsar Project. They also received the “Special Award” at the National Highways Excellence Awards, 2021 for the Ramdas Gurdaspur Project, including the Kartarpur Sahib Project.
As of March 31, 2024, the company has 2,256 permanent employees.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 2,592.19 | 1,827.82 | 959.14 |
| Revenue | 3,066.19 | 2,087.04 | 1,146.50 |
| Profit After Tax | 304.91 | 167.70 | 126.43 |
| Net Worth | 906.41 | 593.06 | 431.25 |
| Total Borrowing | 1,811.02 | 1,252.58 | 652.12 |
Amount in ₹ Crore | |||
Objectives of the Issue
The company proposes to utilize the Net Proceeds towards funding the following objects
- Purchase of equipment
- Repayment/ prepayment, in full or in part, of certain borrowings availed by the Company and the Subsidiary, Ceigall Infra Projects Private Limited
Promoters of the company
Ramneek Sehgal, Ramneek Sehgal, and Sons HUF and RS Family Trust are the Promoters of the Company. The Promoters hold in aggregate 134,144,000 Equity Shares, which constitutes 85.37% of the issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | August 1, 2024 to August 5, 2024 |
| Listing Date | Thursday, August 8, 2024 |
| Face Value | ₹5 per share |
| Price Band | ₹380 to ₹401 per share |
| Lot Size | 37 Shares |
| Total Issue Size | 31,238,480 shares (aggregating up to ₹1,252.66 Cr) |
| Fresh Issue | 17,063,640 shares (aggregating up to ₹684.25 Cr) |
| Offer for Sale | 14,174,840 shares of ₹5 (aggregating up to ₹568.41 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 37 | ₹14,837 |
| Retail (Max) | 13 | 481 | ₹192,881 |
| S-HNI (Min) | 14 | 518 | ₹207,718 |
| S-HNI (Max) | 67 | 2479 | ₹994,079 |
| B-HNI (Min) | 68 | 2516 | ₹1,008,916 |
Allotment Schedule
| Basis of Allotment | Tuesday, August 6, 2024 |
| Initiation of Refunds | Wednesday, August 7, 2024 |
| The credit of Shares to Demat | Wednesday, August 7, 2024 |
| Listing Date | Thursday, August 8, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 5, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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