The initial public offer of PNC Infratech was over-subscribed 1.54 times on the last day of the offer today.
The Rs 488-crore public issue received bids for 1,39,17,610 shares against 90,60,197 shares on offer, data available with the NSE till 1700 hours showed.
The company’s public offer sailed through even as the stock market witnessed severe drubbing where the BSE benchmark Sensex tumbled 630 points and infrastructure stocks were under pressure too.
The IPO hit the market on Friday and closed today.
The company’s public issue comprises of up to 12,921,708 shares to be sold in a price band of Rs 355—378 per share. Out of this, the company has allocated 38,61,511 equity shares to anchor investors at a price of Rs 378 per share.
The Agra—based infrastructure firm can raise up to Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.
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.