Consolidated Const. IPO subscribed 81.18 times
Consolidated Const. IPO subscribed 81.18 times
The initial public offering (IPO) of Chennai-based Consolidated Construction (Q, N,C,F)* Consortium (CCCL), engaged in construction services, received an overwhelming 81.18 >times subscription. The issue opened for subscription on September 18, and closed on September 21 on both NSE and BSE.The issue of 3.7 million shares received a total bid of 300 million, out of which 13.46 million bids were at cut-off price. The IPO was priced in a band of Rs 460 to Rs 510 a share of par value Rs 10 each.
The qualified institutional buyers (QIBs) category was subscr ibed 117.67 times. While non institutional investors category was subscribed 67.62 times, the retail individual investors (RIIs) category got a robust 12.69 times subscription.
CCCL is a provider of integrated turn-key construction services to the industrial, commercial, infrastructure and residential sectors of the construction industry.
The company tapped the capital market via the initial public offer (IPO) route to mop up maximum of Rs 1,887 million which it intends to deploy to acquire construction infrastructure, for investment in its subsidiaries, and set up of skill and management development centres. It also plans to utilise the capital for repayment of loans, and fund expenditures for general corporate purposes.
