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PSP Projects Ltd Gets SEBI Nod For IPO

PSP Projects Ltd Gets SEBI Nod For IPO

The Ahmedabad-based construction company PSP Projects Ltd (PSP) have received approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings.

The capital markets regulator issued final observations on the IPO proposal of PSP Projects Ltd issue on 24 March.

PSP Projects Ltd offers a range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.

The public issue is estimated to be worth Rs 225-250 crore. The IPO comprises a fresh issue of up to 7.2 million shares and will also give a part-exit to the company’s founders through a secondary market sale of 2.88 million shares, according to the prospectus.

The final price band will be decided in consultation with the Book Running Lead Managers (BRLMs). The net proceeds from the fresh issue will be utilized towards funding capital expenditure and working capital requirements, and for general corporate purposes.

Karvy Investor Services Ltd and Motilal Oswal Investment Advisors Private Ltd are the BRLMs to the issue and Karvy Computershare Private Ltd is the Registrar to the issue.

Market Update:

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Now Avanue Supermarts (Dmart) IPO Allotment and Listing also completed. And people made an awesome 100% profit on listing.

Now CL Educate (CLEL) IPO bidding has been closes on March 22, 2017. Now CL Educate (CLEL) IPO Allotment and Listing will be in process. While Shankara Building Products Ltd IPO (SBPL IPO) bidding also closed on 24 March 2017. Now Shankara Building Products IPO Allotment and Listing will be in process. Now Next IPO can be Housing and Urban Development Corporation Ltd IPO (HUDCO) where its bidding is expected to start from April 5, 2017.

Current Grey Market Premium (GMP) of Shankara Building Products Ltd (SBPL) IPO is trading between Rs 141 – Rs 143 per equity share. While HUDCO Grey Market Premium (GMP) also started showing movement and currently trading at Rs 29.5 – Rs 30.5 per equity share.

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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