ARSS Infrastructure Projects Limited, will officially list on the Indian capital markets on March 3, 2010. The issue price of ARSS Infrastructure was fixed at Rs. 450 per equity share at the higher end of the price band of Rs. 410 – Rs. 450.
The Rs 103 crore IPO, which was opened during February 8th – February 11th, had received an overwhelming response from investors as it got subscribed 47.62 times. The HNI portion got subscribed 124.5 times. Qualified institutional and retail investors’ reserved portion got subscribed 49.3 times and 18.55 times, respectively.
The company proposes to use Rs.500 lacs out of the proceeds of the Issue for investments into forming joint ventures. The aforesaid funds would also be partly used for projects which have not yet been awarded to the company. ARSS expects to generate profits by execution of projects as a result of such investments and work orders that would be received through the credential of Joint Venture partners.
IDBI Capital Market Services Ltd., and SBI Capital Markets Ltd., are the Book Running Lead Managers and Bigshare Services Private Limited is the Registrar to the issue.