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PSP Projects IPO covered 27% on second day

18 May, 2017

The initial public offering (IPO) of construction firm PSP Projects Ltd was subscribed around 27% on the second day of the issue on Thursday led by retail investors.

The public offering of 5.54 million shares – excluding the anchor investors’ portion – received bids for 1.47 million shares, stock exchange data showed.

Retail investors led the bidding process with the quota of shares reserved for them fully covered.

The portion set aside for non-institutional investors, such as corporate houses and wealthy individuals, was covered about 16%. The portion earmarked for institutional investors was subscribed a tad more than 4%.

The company made a muted start to its IPO on day one. The issue was subscribed just 7% on Wednesday.

Ahmedabad-based PSP is looking to raise as much as Rs 211.65 crore from the public issue. Of this, it mopped up Rs 95.26 crore from a bunch of anchor investors.

PSP Projects had filed draft prospectus for an initial share sale on 29 December 2016. It received regulatory clearance on 24 March.

PSP, whose offer will close on 19 May, will join several infrastructure and construction firms that are either planning to for public issues or have completed IPOs to list on bourses.

Delhi-headquartered GR Infraprojects Ltd is planning to go public with an estimated IPO size of Rs 500 crore.

Other infrastructure firms that went public in the past 18 months include Shankara Building Projects Ltd, Sadbhav Infrastructure Project Ltd, PNC Infratech Ltd, MEP Infrastructure Developers Ltd and Dilip Buildcon Pvt. Ltd.

For further details on PSP Projects’ IPO, click here.

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PSP Projects IPO subscribed 8.6 times

PSP Projects IPO subscribed 8.6 times

Ankit Doshi 1 week ago
The initial public offering (IPO) of PSP Projects Ltd was subscribed around 8.6 times on the final day of the issue on Friday as investors...
PSP Projects IPO makes muted start on first day

PSP Projects IPO makes muted start on first day

Ankit Doshi 2 weeks ago
The initial public offering (IPO) of construction firm PSP Projects Ltd made a tepid start on the first day on Wednesday as it was subscribed...
Dilip Buildcon subscribed 70% on day 2

Dilip Buildcon subscribed 70% on day 2

Ranjani Raghavan 10 months ago
Construction company Dilip Buildcon Ltd’s initial public offering (IPO) was subscribed 70% at the end of the second day when high net worth individuals (HNIs)...
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PSP Projects IPO covered 27% on second day

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