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PNC Infratech’s Rs 488-crore initial public offer (IPO) will open on Friday, making it the sixth company to hit the capital markets this year.
The Agra-based infrastructure firm’s IPO will open on May 8 and close on May 12, PNC Infratech said in a statement.
The company, which specialises in the construction of highways, bridges, flyovers and airport runways, is making a public issue of up to 1,29,21,708 equity shares of face value of Rs 10 each, including a share premium per equity share.
The price band is fixed at Rs 355-378 per equity share. The company would raise around Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.
The offer comprises a fresh issue to the public of up to 1.15 crore equity shares and an offer for sale of up to 14,21,708 equity shares by the selling shareholder, Jacob Ballas India, which is divesting its 25 per cent stake.
The company has projects in Rajasthan, Punjab, Haryana, Uttarakhand, Uttar Pradesh, Delhi, Bihar, West Bengal, Assam, Madhya Pradesh, Maharashtra, Karnataka and Tamil Nadu.
The book running lead managers to the offer are ICICI Securities and IDFC Securities.
So far, this year, five companies — UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment and Ortel Communications — have tapped the IPO route to raise funds.
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