The IPO of Current Infraprojects, which opened for bidding today, August 26, was oversubscribed, receiving bids for 3.71 crore shares against the 35 lakh shares on offer, resulting in an overall subscription of 10.60 times.
The retail investor segment saw the highest demand, subscribed 11.93 times, while the non-institutional investor (NII) portion was subscribed 9.83 times, and the Qualified Institutional Buyer (QIB) portion recorded strong interest with a subscription of 9.88 times.
The company plans to utilize the net proceeds from the IPO for investment in its wholly owned subsidiary, Current Infra Dhanbad Solar Private Limited, to set up an 1800 KW solar plant under the RESCO Model at IIT (ISM), Dhanbad, Jharkhand, as well as to fund its working capital requirements and general corporate purposes.
Current Infraprojects issue details
1. Current Infraprojects IPO date: The issue opened for subscription today, August 29, and will conclude on Friday, August 29.
2. Current Infraprojects IPO Price: The price band of the IPO has been fixed between ₹76 and ₹80 per equity share.
3. Current Infraprojects IPO Size: The company aims to raise ₹41.80 crore through the IPO, which is a fresh issue of 52 lakh shares.
4. Current Infraprojects IPO Lot Size: The IPO lot size is fixed at 3200 shares, requiring a minimum investment of ₹2.56 lakh for retail investors.
5. Current Infraprojects IPO reservation: The IPO offers 24.22 lakh shares to QIB, 7.29 lakh shares were reserved for non-institutional buyers, and 17.05 lakh shares to retail investors.
6. Current Infraprojects IPO allotment date: The IPO allotment date is set for Monday, September 01. Investors who receive an allotment will see the shares in their demat accounts by Tuesday, September 02, while those who do not will have their refunds processed on the same day.
7. Current Infraprojects IPO listing: The SME IPO is proposed to list on the NSE SME on Wednesday, September 03.
8. Current Infraprojects IPO GMP: According to market sources, the GMP of the Current Infraprojects IPO on Tuesday was 43, indicating that the stock is likely to list at ₹123 apiece, 53.75% higher than the upper band issue price of ₹80.
9. Current Infraprojects IPO book-running lead manager and registrar: Holani Consultants Pvt. Ltd. is the book-running lead manager, and Bigshare Services Pvt. Ltd. is the registrar of the issue. The market maker of the company is Holani Consultants Pvt. Ltd.
10. Current Infraprojects overview: Established in 2013, Current Infraprojects Limited (CIPL) is an infrastructure and renewable energy company offering civil, mechanical, electrical, and water engineering services.
The company specializes in Engineering, Procurement, and Construction (EPC) services, providing comprehensive solutions in Solar, Electrical, Water, and Civil EPC contracts, including interior works and road furniture, all on a fixed-sum turnkey basis.
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