Indian EPC Firm Ceigall India Limited Prepares for IPO Ceigall India Limited, an infrastructure construction company, announced its maiden initial public offer (IPO) to open on August 1, 2024. The company has fixed the price band of INR380-401 per equity share with a face value of INR 5 and will allow a minimum bid of 37 equity shares and multiples of 37 equity shares thereafter.
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Ceigall India Limited, an infrastructure construction company, announced its maiden initial public offer (IPO) to open on August 1, 2024. The company has fixed the price band of INR380-401 per equity share with a face value of INR 5 and will allow a minimum bid of 37 equity shares and multiples of 37 equity shares thereafter.
The IPO consists of a fresh issue of up to Rs 6,842.52 million and an offer for sale (OFS) of up to 1,41,74,840 equity shares by Promoter Selling Shareholders and Individual Selling Shareholders.
Ceigall's press conference also revealed that the firm intends to use INR 997.89 Million from the fresh issue proceeds to purchase new equipment and upgrade machinery. INR 4134 million will be used up in repayment or prepayment, in full or part of borrowings done by the company and its subsidiary CIPPL, and the rest for corporate purposes.
ICICI Securities Limited, IIFL Securities Limited, and JM Financial Limited are the appointed book-running lead managers and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE).
Ceigall India is doted as one of the fastest growing engineering, procurement, and construction (EPC) companies in terms of three-year revenue CAGR as of Fiscal 2024, among the companies with a turnover of over INR 10,000 Million in Fiscal 2024 with over 20 years of experience in the industry. The Company has one of the highest year-on-year revenue growth of approximately 43.10 per cent in Fiscal 2024 among its peers according to Ceigall's data.
According to company data, Ceigall has experienced growth at a CAGR of 50.13 per cent between FY 2022 to 2024, and over the last two decades, the company's efforts have translated into becoming a top EPC player with specialized structure projects across 10 states according to a CARE report.
Ramneek Sehgal, Managing Director of Ceigall India Limited spoke about the company's direction, "Post IPO, we will see Ceigall 2.0. We don't really compete with others in the sector because we want to compete with ourselves to be better."
Ramneek also told Entrepreneur India that Ceigall currently has 15 Joint-Venture (JV) projects in Russia when asked about plans to bid internationally on infrastructure projects.
As of the end of June 2024, the company's order book stood at INR 94,708 Million with the Ludhiana-based company's principal operations divided into EPC projects and hybrid annuity model (HAM) projects spread across ten states in India.
The company portfolio has over 34 complete projects with 18 ongoing projects including elevated bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro and multi-lane highways.
Ceigall India's revenue from its operations increased significantly by 46.48 per cent from INR 20,681.68 Million in FY 2023 to INR 30,293.52 Million in FY 2024.
