Overview

• Shares are slated to debut on the BSE and NSE on September 3, with unlisted quotes around Rs 104 and a Financial Express estimate near Rs 101.1 indicating roughly 4–7% upside.
• The IPO drew strong demand at closure with overall subscription of 23.59 times, including 10.97 times by retail, 58.58 times by NIIs and 19.45 times by QIBs.
• The Rs 772 crore offer comprised a Rs 721 crore fresh issue of 7.43 crore shares and a Rs 51 crore offer for sale of 0.53 crore shares, priced in a Rs 92–97 band.
• Grey-market indications have cooled from earlier peaks near a Rs 21 premium, and outlets caution that GMP is unofficial and speculative.
• The EPC contractor focuses on power transmission and distribution and water infrastructure, and it plans to use proceeds primarily for working capital and general corporate purposes.