Gammon Infrastructure Projects (GIPL), an infrastructure project development company promoted by the 85-year old Gammon Group, has fixed the issue price at Rs 167 for its initial public offering (IPO) of 1,65,50,000 equity shares of par value Rs 10 each for the above issue price determined through the 100% book building process.
The issue closed on March 13, 2008, and was subscribed 3.48 times (according to the preliminary information received by the stock exchanges). The qualified institutional bidders portion was subscribed approximately 5.17 times; the non-institutional bidders portion was subscribed approximately 3.79 times; the retail portion was subscribed approximately 1.07 times; employee reservation portion was subscribed approximately 0.53 times.
The issue comprises a net issue of 1,48,95,000 equity shares to the public and a reservation of 16,55,000 equity shares for eligible employees. The issue and the net issue will constitute 11.45% and 10.30% respectively of the post-issue paid up equity share capital of the Company. The equity shares will be listed on the National Stock Exchange and the Bombay Stock Exchange.
Presently, GIPL undertakes and develops projects such as roads, bridges, ports, hydroelectric power and biomass power projects on a PPP basis. Presently, GIPL’s infrastructure project development business includes fourteen projects, of which four are already in the operations phase, seven are in the development phase and three are in the pre-development phase. GIPL also provides O&M and project advisory services for projects which are being undertaken by the project specific companies.
The book running lead managers to the issue are IDFC-SSKI Private Limited and Macquarie Capital Advisers (India) Private Limited. The co-book running lead manager to the Issue is Collins Stewart Inga Private Limited.
Source: Moneycontrol.com
Tuesday, March 18, 2008
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