HG Infra raises $21.5 mn from anchor investors ahead of IPO

Infrastructure construction firm HG Infra Engineering Ltd has raised Rs 138.59 crore ($21.46 million) by pitching offers to grapple speculators in front of its first sale of stock that starts on Monday.

Jodhpur-based HG Infra dispensed 5.13 million offers at the upper end of the Rs 263-270 value band to 10 resource administration organizations and one guarantor, it said in a stock-trade recording late on Friday.

DSP BlacRock India Tiger Fund and HDFC Trustee Company each obtained shares worth Rs 16.19 crore. SBI Mutual Fund, Aditya Birla Sun Life Trustee Co, Reliance Capital Trustee Co, L&T Mutual Fund, UTI Mutual Fund, Kotak Mutual Fund, IDFC Asset Management Co, and HSBC Mutual Fund likewise purchased shares.

Aditya Birla Sun Life Insurance Co was the sole back up plan which obtained the offers.

HG Infra is looking for Rs 1,759.62 crore in valuation from people in general issue, which closes on Wednesday. The aggregate issue estimate is pegged at Rs 462 crore at the upper end of the band. HG Infra will issue crisp offers worth Rs 300 crore while its promoters will offer 6 million offers worth Rs 162 crore.

The promoters’ stake will fall 26.25% after the IPO at the upper end of the value band. This will enable the organization to conform to the Securities and Exchange Board of India’s (SEBI) manage of a base 25% open buoy for recorded elements.

HG Infra had documented its draft proposition with SEBI on 28 September a year ago. It got administrative gesture to drift an IPO on 13 December.

The organization will utilize Rs 90 crore to purchase hardware, Rs 115.7 crore to reimburse obligation and an undisclosed sum on general corporate purposes.

SBI Capital Markets and HDFC Bank are the trader investors dealing with the IPO. Decision Capital is the guide on the IPO.

HG Infra will join recorded companions, for example, Capacit’e Infraprojects Ltd, Bharat Road Networks Ltd, Shankara Building Projects Ltd, PSP Projects Ltd, Dilip Buildcon, Sadbhav Infrastructure Project Ltd, PNC Infratech Ltd and MEP Infrastructure Developers Ltd. Every one of these organizations opened up to the world over the most recent three years.

Different organizations working in the portion and hoping to glide IPOs incorporate GR Infraprojects Ltd and GVR Infra Projects Ltd.

HG Infra was consolidated in January 2003. It fabricates interstates, scaffolds and flyovers. It has likewise executed water pipeline ventures.

The organization has finished 12 ventures amid the most recent five years. It had 29 continuous activities in the streets and parkways area with a request book of Rs 3,811.49 crore as on July 2017.

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One thought on “HG Infra raises $21.5 mn from anchor investors ahead of IPO

  • At this valuation, the issue seems fully priced. Given the mature valuations, investors can subscribe to the issue from a long-term perspective. It must be noted that owing to the current market volatility and issue being offered at full valuation, it may cap listing gains. Great post. Thanks for sharing. Keep posting.

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