Ceigall India Secures SEBI Approval for IPO to Encourage Growth and Debt Repayment

Ceigall India Limited has received the final nod from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) on Monday, July 8th, according to the company’s statement. It is a Punjab-based company famous for infrastructure and construction. The company aims to obtain ₹617.69 crore from a fresh issue. The company plans to issue 1.428 crore equity shares with a face value of ₹5 each. This fund will be used for purchasing equipment, repaying borrowings, and supporting its subsidiaries.
Ceigall India IPO

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According to the paper, the offer for sale will be through the company’s promoter, the individual shareholder of the company, and the group of promoters. The IPO also includes an employee subscription option.

Promoters such as Ramneek Sehgal offer for sale up to 42.8 lakh shares; Avneet Luthra for up to 5,030 equity shares; Ramneek Sehgal and Sons HUF is offering up to 75.9 lakh shares; Parmjit Sehgal is up to 5.53 lakh equity shares; Kanwaldeep Singh Luthra is up to 1,677 equity shares; Simran Sehgal is up to 9.22 lakh shares; and Mohinder Pal Singh Sehgal is offering up to 9.27 lakh shares.

Ceigall India Secures SEBI Approval for IPO

In the highways and roads sector, the company has completed over 34 projects. It includes one HAM project and 16 EPC projects. According to the company’s statement, currently, almost 15 projects are in progress.

The company is known for its great work on flyovers, highways, runways, expressways, bridges, tunnels, elevated roads, railway overbridges, and elevated roads. It is considering a pre-IPO placement to raise an additional ₹123.50 crore through further issuing specified security through a private placement, preferential allotment, rights issue, or any other method. This could potentially reduce the size of the fresh issue, said the statement.

The IPO allotment will be done through a book-building process. It is available up to 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

The book-running lead managers for this offering are IIFL Securities Limited, JM Financial Limited, and ICICI Securities Limited.

This upcoming IPO represents a significant milestone in the company’s growth and financial strategy. The IPO GMP will impact on the potential valuation of Ceigall India’s shares and overall market sentiment.

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