RPP Infra IPO oversubscribed nearly three times

RPP Infra Projects was oversubscribed nearly three times on the final day of the issue.

Generating a demand of Rs 144 crore,the initial public offer (IPO) of the construction firm RPP Infra Projects was oversubscribed nearly three times on the final day of the issue.

The IPO,through which the company aimed to generate Rs 48 crore,has received bids for 1.92 crore shares against 65 lakh shares on offer,as per the data available on the National Stock Exchange’ website.

The issue opened for subscription on November 18. In the retail investors category,the issue got subscribed by 5.6 times,while it received 0.16 times subscription in the qualified institutional investors category.

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At the upper end of the price band of Rs 68-75,RPP Infra’s IPO is worth nearly Rs 48.75 crore and at the lower end,it would fetch about Rs 44.2 crore.

The company plans to use the IPO proceeds in funding margin required for working capital and meeting capital expenditure requirements. Besides,the company will keep a provision of Rs 10-crore for investment in special purpose vehicles (SPVs) for Built-Operate-and-Transfer (BOT) projects.

With an order-book of around Rs 613-crore,which are to be executed over a period of next two-years,the infra firm is looking at participating in various projects in the country.

VC Corporate Advisors Private Limited is the book running lead manager to the issue.

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