ARSS Infra Fixes IPO Issue Price At Rs 450 Per Share (17-Feb-2010)
ARSS Infrastructure Projects Ltd has fixed the issue price of its initial public offer (IPO) at Rs 450 per share, the upper end of its price band. The face value is Rs 10 per equity, ARSS Infrastructure said in a public announcement on Tuesday.
The IPO that opened on February 8, was subscribed 47.62 times and the issue was closed on February 11.
The IPO of ARSS Infrastructure witnessed huge response from the investor on the final day of offer that closes on February 11 with the issue getting subscribed more than 19 times. The issue received bids for over 4.87 crore shares, against shares on offer of 25.12 lakh, thereby generating a demand of 19.40 times the issue size, as per the data available on the National Stock Exchange.
The company hit the primary market on February 8 with an initial public offer (IPO) of 25.12 lakh equity shares in the price band of Rs 410-450 a piece.
The company expects to generate profits through the execution of projects as a result of such investments and work orders that would be received through the credentials of joint venture partners.
ARSS Infra has posted a net profit of Rs 50 crore for the nine-month period ended December 31, 2009 while the revenue stood at Rs 609 crore. The book-running lead managers to the issue are IDBI Capital Market Services and SBI Capital Markets.
The issue proceeds will be utilized for investment in joint ventures (at a cost of Rs 5 crore) and funding long term working capital requirement (cost of Rs 86 crore).
The order book position of the company stood at Rs 28.77 billion as on January 10, 2010 and it had 145 projects in hand as on that date.
ARSS Infrastructure is engaged in construction of roads, highways, bridges, irrigation projects.
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