Capacit'e Infraprojects lists at Rs 399 per share; 60% premium to issue price
, ETMarkets.com|
Updated: Sep 25, 2017, 10.07 AM IST
Mumbai-based construction firm Capacit'e Infraprojects made a smart debut on the bourses on Monday as the shares got listed at Rs 399 apiece, a premium of 59.60 per cent to the issue price.
The company, which concluded its initial share sale over the past fortnight, had fixed the issue price at Rs 250, the upper end of the IPO prices band at Rs 245-250 per share.
The company’s Rs 400 crore public offer received overwhelming response and was oversubscribed a record 183.03 times during September 13-15.
The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 131.32 times, those kept aside for non-institutional investors a staggering 638.05 times and the retail investors’ portion 17.57 times.
Proceeds of the issue will be utilised for funding working capital requirements, purchase of capital assets and general corporate purposes.
Axis Capital, IIFL Holdings and Vivro Financial Services were the book running lead managers to the issue.
Most of the brokerages including Nirmal Bang Securities, Geojit Financial Services and Motilal Oswal had given ‘Subscribe’ rating to the issue.
“CIL has an impressive order book worth Rs 4,602 crore, which is 4 times FY17 revenue. At an upper price band of Rs 250, CIL is available at a reasonable valuation of 24x on FY17 EPS (Post IPO dilution). Better return ratio and less leveraged balance sheet continue to support valuation. We recommend 'Subscribe' to the issue, with a medium-to-long term perspective,” Geojit Financial Services said in a research note.
Capacit’e Infraprojects (CIL) was incorporated on August 9, 2012 and was converted to a public limited company on March 21, 2014. The company provides end-to-end construction services for residential, commercial and institutional buildings. The company’s capabilities include constructing concrete building structures as well as composite steel structures. It also provides mechanical, electrical and plumbing (MEP) and finishing works. CIL predominantly operates in Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru. Some of its clients include Kalpataru, Oberoi Constructions, The Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties, Brigade Enterprises and Prestige Estates.
Capacit’e Infraprojects (CIL) was incorporated on August 9, 2012 and was converted to a public limited company on March 21, 2014. The company provides end-to-end construction services for residential, commercial and institutional buildings. The company’s capabilities include constructing concrete building structures as well as composite steel structures.
It also provides mechanical, electrical and plumbing (MEP) and finishing works. CIL predominantly operates in Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru. Some of its clients include Kalpataru, Oberoi Constructions, The Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties, Brigade Enterprises and Prestige Estates.
The company, which concluded its initial share sale over the past fortnight, had fixed the issue price at Rs 250, the upper end of the IPO prices band at Rs 245-250 per share.
The company’s Rs 400 crore public offer received overwhelming response and was oversubscribed a record 183.03 times during September 13-15.
The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 131.32 times, those kept aside for non-institutional investors a staggering 638.05 times and the retail investors’ portion 17.57 times.
Proceeds of the issue will be utilised for funding working capital requirements, purchase of capital assets and general corporate purposes.
Axis Capital, IIFL Holdings and Vivro Financial Services were the book running lead managers to the issue.
Most of the brokerages including Nirmal Bang Securities, Geojit Financial Services and Motilal Oswal had given ‘Subscribe’ rating to the issue.
“CIL has an impressive order book worth Rs 4,602 crore, which is 4 times FY17 revenue. At an upper price band of Rs 250, CIL is available at a reasonable valuation of 24x on FY17 EPS (Post IPO dilution). Better return ratio and less leveraged balance sheet continue to support valuation. We recommend 'Subscribe' to the issue, with a medium-to-long term perspective,” Geojit Financial Services said in a research note.
Capacit’e Infraprojects (CIL) was incorporated on August 9, 2012 and was converted to a public limited company on March 21, 2014. The company provides end-to-end construction services for residential, commercial and institutional buildings. The company’s capabilities include constructing concrete building structures as well as composite steel structures. It also provides mechanical, electrical and plumbing (MEP) and finishing works. CIL predominantly operates in Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru. Some of its clients include Kalpataru, Oberoi Constructions, The Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties, Brigade Enterprises and Prestige Estates.
Capacit’e Infraprojects (CIL) was incorporated on August 9, 2012 and was converted to a public limited company on March 21, 2014. The company provides end-to-end construction services for residential, commercial and institutional buildings. The company’s capabilities include constructing concrete building structures as well as composite steel structures.
It also provides mechanical, electrical and plumbing (MEP) and finishing works. CIL predominantly operates in Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru. Some of its clients include Kalpataru, Oberoi Constructions, The Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties, Brigade Enterprises and Prestige Estates.
