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Capacit’e Infraprojects lists at Rs399, up 60% over issue price

LiveMint logoLiveMint 25-09-2017 Nasrin Sultana

Mumbai: Capacit’e Infraprojects Ltd made a strong debut at the exchanges on Monday. The construction company listed at Rs399, up 59.6% from its issue price of Rs250 per share on the Bombay Stock Exchange (BSE).

The Rs400-crore initial public offering (IPO) of Capacit’e Infraprojects was oversubscribed 186 times, making it the most subscribed issued of the year so far. The issue was open from 13 to 15 September with a price band of Rs245-250 per share.

Ahead of its initial share sale, it had raised Rs120 crore from anchor investors including Goldman Sachs India Ltd, Reliance Capital Trustee Co. Ltd and ICICI Prudential Growth Fund.

Proceeds from the issue will be used to fund working capital requirement, purchase capital assets and general corporate purposes.

Capacit’e has projects across various segments in residential, commercial and institutional buildings. As of May 2017, it had an order book of Rs4,603 crore which is four times its consolidated revenue from operations for FY17.

As on May 2017, west India constituted 58.9% of total projects, north 14.3% and south constituted 26.8%. Its clients include Kalpataru, Oberoi Constructions Ltd, Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties Ltd, Brigade Enterprises Ltd and Prestige Estates Projects Ltd. It has 51 ongoing projects and the order book consists of 96% residential, 3% commercial and 1% institutional projects.

ICICI Securities Ltd had said the firm is in a position to perform better than industry growth, driven by its robust order book, lean balance sheet and strong opportunities ahead.

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