Receives bids for 1.01 crore shares
The initial public offer (IPO) of Ircon International received bids for 1.01 crore shares today, 18 September 2018, as against 99.05 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 1.02 times. The issue opened for subscription on 17 September 2018 and closes on 19 September 2018. The price band for the issue has been fixed at Rs 470 to Rs 475 per share.
Incorporated in 1976 by the Ministry of Railways, Government of India (MoR), Ircon International (Ircon) is an integrated engineering and construction company specializing in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV (extra high voltage) sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities. The company provides EPC (engineering, procurement and construction) services on a fixed-sum turnkey basis as well as on an item-rate basis for various infrastructure projects. IRCON also executes on build, operate and transfer (BOT) mode in various projects. Ircon enjoys Miniratna (Category - I) status.
Ircon has so far completed more than 127 projects in more than 24 countries across the globe, and 380 projects in various states in India as of 31 March 2018.
The IPO comprises offer for sale by the government of India of 99.05 lakh shares, which at lower price band of Rs 470 per share, works out to Rs 465.54 crore and at higher price band of Rs 475, the issue size works out to Rs 470.49 crore. The minimum bid lot is 30 equity shares and in multiples of 30 equity shares.
The objects of the IPO is to carry out the divestment program of the government of India apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders. Government of India will hold 89.2% of total paid up equity share capital of the company post listing.
On a consolidated basis, Ircon International reported profit after tax (PAT) of Rs 406.42 crore on net sales of Rs 4027.51 crore in the year ended March 2018.
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