The IPO of Current Infraprojects, an SME company, continued to attract healthy interest from investors on its second day of bidding. Opened for subscription on August 26, the IPO was fully subscribed on its first day, with notable participation from both retail and non-institutional investors.
On the second day, the continued strong interest from the retail and NII segments led the issue to be subscribed 34.14 times, as investors bid for 11.96 crore shares against the offer of 35 lakh shares.
Retail investors showed particularly strong interest, with their portion subscribed 49.40 times, while the non-institutional buyers’ portion was booked 35.23 times. The QIB (Qualified Institutional Buyers) portion was subscribed 9.94 times, as per exchange data.
The company aims to raise ₹41.80 crore through the IPO, which is a fresh issue of 52 lakh shares, with the price band fixed between ₹76 and ₹80 per equity share.
Current Infraprojects proposes 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.
The IPO allotment date is set for Monday, September 01. Investors who receive an allotment will see the shares credited to their demat accounts by Tuesday, September 02, while refunds for those not allotted will be processed the same day. The SME IPO is proposed to list on the NSE SME on Wednesday, September 03.
According to market sources, the GMP of the Current Infraprojects IPO on Thursday was ₹43, indicating that the stock is likely to list at ₹123 per share, 53.75% higher than the upper band issue price of ₹80.
About the company
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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