HG Infra Engineering IPO subscribed 5 times

The Rs 4.6-billion initial public offering (IPO) of HG Infra Engineering saw nearly 5 times demand the shares on offer. The qualified institutional buyer (QIB) segment of the issue was subscribed 8.4 times, high networth individual (HNI) portion was subscribed nearly five times, while retail investor quota saw nearly 3 times subscription. HG Infra is a construction firm with a focus on road projects. The price band for the IPO is Rs 263 to Rs 270 per share. The IPO comprises of fresh capital raising worth Rs 3 billion, of which Rs 900 million will be used to buy new equipment and Rs 1.2 billion for repayment of debt. At the top-end of the price band, HG Infra will have a post-issue market cap ofRs 17.6 billion. The IPO  handled by SBI Capital Markets and HDFC Bank.