| Log in

Infrastructure firm PNC Infratech’s IPO subscribed 1.54 times

12 May, 2015

The initial public offer (IPO) of Agra-based infrastructure firm PNC Infratech Ltd (PNC), which specialises in construction of highways, bridges, flyovers and airport runways, was subscribed 1.54 times at the close of the issue on Tuesday, data collated by exchanges showed.

At the final day, the public float received total bids for 13.9 million equity shares against the total size of 9.5 million equity shares.

The issue had a real slow start to begin with and saw only 1.2 per cent of the issue covered on the first day on May 8. Also, the offer was subscribed just around 14 per cent at the end of the second day of the issue. Only a small quantum of shares reserved for employees saw close to full subscription as of day 2.

It had previously raised approximately Rs 146 crore (around $23 million) from a bunch of domestic and foreign investors who have come as anchor investors ahead of its IPO. The company had set a price band of Rs 355-378 per equity share.

PNC Infratech had filed draft red herring prospectus with SEBI in September 2014. The public issue, which will raise up to Rs 486 crore, will also provide a partial exit to Jacob Ballas. The company had floated its issue with a price band of Rs 355-378 per share.

Mid-market PE investor Jacob Ballas is selling a little over one-fifth of its holding.

Of the fresh issue proceeds, the company would use Rs 150 crore to fund working capital requirements besides putting in Rs 35.2 crore to repay debt. In addition, it plans to use Rs 65 crore to invest in a subsidiary, PNCRHPL for part-financing the Raebareli-Jaunpur project besides Rs 103 crore as investment in capital equipment.

ICICI Securities and IDFC Securities are the bankers.

In 2009, PNC Infratech planned to raise Rs 175 crore through IPO but later withdrew its plan due to poor market conditions.


Leave Your Comment
PNC Infratech IPO subscribed 14% at end of day 2

PNC Infratech IPO subscribed 14% at end of day 2

Anuradha Verma 3 years ago
Agra-based infrastructure firm PNC Infratech Ltd (PNC), which specialises in...
PNC Infratech IPO gets off to a slow start, raises $23M from anchor investors

PNC Infratech IPO gets off to a slow start, raises $23M from anchor investors

Anuradha Verma 3 years ago
Agra-based infrastructure firm PNC Infratech Ltd (PNC), which specialises in...
PE-backed PNC Infratech makes tepid debut on bourses

PE-backed PNC Infratech makes tepid debut on bourses

TEAM VCC 2 years ago
Agra-based infrastructure firm PNC Infratech Ltd (PNC), which specialises in...
No Comments

Infrastructure firm PNC Infratech’s IPO subscribed 1.54 times

Powered by WordPress.com VIP