Prakash Constrowell sets IPO price at 130-138/share

Prakash Constrowell sets IPO price at 130-138/share

New Delhi: Prakash Constrowell, engaged in infrastructure development and civil construction, on Thursday fixed the price band at 130-138 per equity share for the 60 crore initial public offering (IPO) which opens on Monday.

“The company has fixed a price band of 130-138 per equity share of 10 each and bid lot of 50 equity shares for its proposed public issue of equity shares of 60 crore opening on Monday, 19 September," Prakash Constrowell said in a statement issued here.

The IPO is through 100% book building issue. The issue will open on 19 September and closes on 21 September.

Intensive Fiscal Services is the sole book running lead manager to the issue.

The company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipment and investment in subsidiaries in addition to meet the general corporate purposes and public issue expenses.

Prakash Constrowell operates in the three segments of construction namely infrastructure development, civil construction and residential and commercial real estate construction.

As of 30 June, 2011, its order book, was 150.81 crore and is spread across the construction sectors in which it operates.