At Rs 106.15 on BSE
Shares of Sadbhav Infrastructure Project settled at Rs 106.15 on BSE, a premium of 3.05% compared with the initial public offer price of Rs 103.
Meanwhile, the S&P BSE Sensex rose 258.04 points or 1% at 25,963.97.
The stock debuted at Rs 110.75 on BSE, a premium of 7.52% over its initial public offer (IPO) price. The stock hit a high of Rs 112.25 and a low of Rs 106 during the day. On BSE, 35.62 lakh shares were traded on the counter during the day.
The Sadbhav Infrastructure Project (SIPL) IPO closed on 2 September 2015. It was subscribed 2.24 times, with total bids for 6.41 crore shares. The company offered 2.85 crore shares through the book building route after finalising allocation of about 2.03 crore shares to anchor investors ahead of the opening of the issue on 31 August 2015.
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As per the final allocation data on NSE, the qualified institutional buyers (QIBs) category, made up of foreign institutional investors (FIIs) and mutual funds, was subscribed 3.04 times. The non institutional investors category was subscribed 1.66 times. The retail individual investors category as subscribed 1.68 times. The employees category was subscribed 0.29 times.
SIPL raised Rs 210 crore by selling about 2.03 crore shares to a total of seven anchor investors before the opening of IPO. The shares will be allotted to the anchor investors at Rs 103 per share, the top end of the Rs 100 to Rs 103 per share price band for the IPO.
SIPL's IPO comprised of fresh issue of equity shares aggregating upto Rs 425 crore and an offer for sale of 64.71 lakh shares from two existing shareholders viz. Xander Investment Holding XVII and Nonvest Venture Partners VII-A-Mauritius. These two selling shareholders had put on block 32.35 lakh shares each.
Promoted by Sadbhav Engineering (SEL) and Vishnubhai Patel, SIPL was established to undertake roads, highways and related projects on a build-operate-transfer (BOT) basis for the Sadbhav group. The company's specialization is in development, operation and maintenance of highways, roads and related projects. The company intends to use about Rs 264.80 crore from the proceeds of the IPO for repayment and pre-payment of loans availed from ICICI Bank and from SEL. An amount of Rs 82 crore will be deployed towards equity investment and for advancing of sub-ordinate debt to subsidiary Shreenathji-Udaipur Tollway for part-financing of the project. The remaining funds will be used for general corporate purpose.
On consolidated basis, SIPL reported net loss of Rs 301.56 crore in the year ended 31 March 2015 (FY 2015), higher than net loss of Rs 155.94 crore in the year ended 31 March 2014 (FY 2014). Total sales rose 34.82% to Rs 500.30 crore in FY 2015 over FY 2014.
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