Capacit'e Infraprojects soars 60 per cent in market debut

Capacit'e Infraprojects soars 60 per cent in market debut”

Capacit'e Infraprojects' Rs 400-crore initial public offer (IPO) received an overwhelming response and was oversubscribed 183.03 times during September 13-15. Its shares surged as much as 49 per cent to Rs 373 compared to its issue price of Rs 250. At 10.51 am, there was a decline in the price yet it was high 44.64 per cent at Rs 361.60.

The qualified institutional buyer (QIB) portion was oversubscribed 131.32 times, non-institutional investor a staggering 638.05 times and retail investor 17.57 times.

Proceeds from the issue will be used to fund working capital requirement, purchase capital assets and general corporate purposes.

Axis Capital, IIFL Holdings and Vivro Financial Services were the book-running lead managers to the issue and Karvy Computershare Private was the registrar.

The company, which concluded its initial share sale over the past fortnight, had fixed the issue price at Rs 250, the upper end of the IPO price band at Rs 245-250 per share.

ICICI Securities Ltd had said the firm is in a position to perform better than industry growth, driven by its robust order book, lean balance sheet and strong opportunities ahead.

The company's consolidated net profit rose 42.67% to Rs 69.38 crore on 35.6% rise in sales to Rs 1157.04 crore in the year ended 31 March 2017 (FY 2017) over FY 2016. The company provides end-to-end construction services for residential buildings, commercial (multi-level auto parks, corporate office buildings and buildings for commercial purposes) buildings and institutional (educational, hospitality and healthcare purposes) buildings. It also provides mechanical, electrical and plumbing (MEP) and finishing works. Its top clients include Kalpataru, Oberoi Realty, Godrej Properties and Prestige Estates Projects.

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