ARSS Infrastructure Project IPO
ARSS Infrastructure Projects Ltd is Orissa-based Construction Company which is engaged in construction of railway infrastructure, roads, highways, bridges and irrigation projects in India. ARSS have business activities in the zonal jurisdictions of East Coast Railway, South Eastern Railway, South East Central Railway, Southern Railway and North Western Railway. ARSS also engaged in the railway construction projects, which includes earthwork, major and minor bridges, supply of ballast, sleepers, laying of sleepers and rails, linking of tracks etc. ARSS have completed around 200 km rail line and about 300 km of roads and highways.
ARSS Infrastructure is entering in the capital markets with an initial public offering, IPO of Rs. 103.00 Crore for cash, at a premium to be decided through a 100% Book Built Issue. The price band for the issue has been fixed at Rs 410/- at lower level and Rs 450/- at upper level for equity share of Rs 10/-.
The issue opens on February 08, 2010, and closes for subscription on February 11, 2010. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The main objects of the Issue are to raise funds for Investment in joint ventures, ARSS has used joint ventures with players such as Kalindee Rail and Patel Engineering to execute projects where it lacks capability. Such ventures could help it build on its own expertise and allow a bidding capacity for bigger and more varied projects. General corporate purpose, funding long term working capital requirement, Public issue expenses. The issue is open from February 8-11. IDBI Capital Market Services and SBI Capital Markets are the lead managers.
Issue Detail:
Issue Open: Feb 08, 2010 – Feb 11, 2010
Issue Type: 100% Book Built Issue IPO
Issue Size: Equity Shares of Rs. 10
Issue Size: Rs. 103.00 Crore
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 410 – Rs. 450 Per Equity Share
Market Lot: 15 Shares
Listing At: BSE, NSE
Comments (1)
[...] been fixed at Rs 450/- per share. IPO was oversubscribed by 47.62 times (18.5487 times in retail). ARSS Infrastructure Projects Ltd is Orissa-based Construction Company which is engaged in construction of railway infrastructure, [...]