Ceigall India files IPO papers with Sebi; eyes Rs 618 cr via fresh issue – IPO News
Infrastructure company Ceigall India Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO).
The Ludhiana-based company’s IPO
Promoters and promoter group entities — Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, Simran Sehgal — and individual shareholder Kanwaldeep Singh Luthra are divesting their stakes in the proposed public issue.
The offer includes a reservation for subscription by eligible employees.
The company may consider raising Rs 123.50 crore in the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue to the tune of Rs 118.78 crore will be used for purchase of equipment, and Rs 344.50 crore for payment of debt, besides a portion will be used for general corporate purposes.
Founded in 2002, Ceigall India
As of January 2024, the company’s order book stood at Rs 9,206.42 crore, with NHAI contributing 82 per cent of the order book. Its clientele includes public sector entities like Indian Railway Construction International Ltd, Military Engineer Services and Bihar State Road Development Corporation Ltd.
For fiscal 2022-23, the company’s revenue from operations surged 82 per cent to Rs 2,068.17 crore from Rs 1,133.79 crore in fiscal 2021-22 and profit after tax grew to Rs 167.27 crore in fiscal 2023 from Rs 125.86 crore in fiscal 2022.
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