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PSP Projects IPO To Hit Markets On 17th May

PSP Projects IPO To Hit Markets On 17th May:

Ahmedabad-based construction firm PSP Projects initial public offer (IPO), which aims to raise Rs 211 crore, will hit the markets on May 17 with a price band of Rs 205-210 per equity share.

The issue, which closes on May 19, includes a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 28.8 equity shares.

“We plan to utilise the funds raised from the proceeds to meet our working capital requirements and capital expenditure,” company’s Chief Financial Officer Hetal Patel told reporters here today.

The company will not receive any proceeds from the offer for sale, she said.

“Out of the fresh issue, which will be over Rs 150 crore, Rs 63 crore will be utilised for funding our working capital requirements, while the rest will be our capex which we will be deploying for fiscals 2018 and 2019,” Patel added.

The company plans to spend Rs 143 crore as working capital for the current fiscal.

Karvy Investor Services and Motilal Oswal Investment Advisors are the Book Running Lead Managers to the issue.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.

Currently the standalone order book of the company stands at Rs 279 crore with 27 projects across states like Gujarat, Karnataka and Rajasthan.

Market Update:

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While now Shankara Building Products IPO Allotment and Listing also completed and it gave good 37.57% premium on first day itself. Now S Chand and Company Ltd IPO also listed on stock market. Next IPO can be Housing and Urban Development Corporation Ltd IPO (HUDCO) where its bidding is going to start from May 08, 2017.

While HUDCO Grey Market Premium (GMP) also started showing movement and currently trading at Rs 28.50 – Rs 29 per equity share.

IRB Infra Invit Fund IPO bidding also able to close successfully on May 05, 2017.

Next in the pipeline will be Central Depository Services Ltd IPO (CDSL IPO)  and Continental Warehousing Corporation Ltd IPO (Nhava Seva IPO).

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insurance, SBI life insurance etc.

Keep watching this blog to keep yourself updated with all the news.

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