The issue is a combination of fresh issue of 1.71 crore shares aggregating to Rs 684.25 crores and offer for sale of 1.42 crore shares aggregating to Rs 568.41 crores. Ceigall India IPO is a book built issue of Rs 1,252.66 crores.
Ceigall India IPO opens for subscription on August 1, 2024 and closes on August 5, 2024. The allotment for the Ceigall India IPO is expected to be finalized on Tuesday, August 6, 2024. Ceigall India IPO will list on BSE, NSE with tentative listing date fixed as Thursday, August 8, 2024.
Ceigall India IPO price band is set at ₹380 to ₹401 per share. The minimum lot size for an application is 37 Shares. The minimum amount of investment required by retail investors is ₹14,837. The minimum lot size investment for sNII is 14 lots (518 shares), amounting to ₹207,718, and for bNII, it is 68 lots (2,516 shares), amounting to ₹1,008,916.
ICICI Securities Limited, Iifl Securities Ltd and Jm Financial Limited are the book running lead managers of the Ceigall India IPO, while Link Intime India Private Ltd is the registrar for the issue.
About Ceigall India Limited
Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.
By July 2024, the company completed over 34 road and highway projects. These projects include project 16 EPC, one HAM project, five O&M projects, and 12 Item Rate Projects.
The company has 18 ongoing projects, including 13 EPC projects and five HAM projects. These involve elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.
As of March 31, 2024, the company has 1,488.17 lane kilometers of ongoing projects and has completed 2,158.72 lane kilometers of O&M projects.
The company specializes in the construction, development, and execution of major multi-lane highway projects with specialized structures in various states of India, including Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Delhi, Maharashtra, and Bihar.
Ceigall India Limited won the “Gold Award” at the National Highways Excellence Award, 2020 for the Khemkaran-Amritsar Project. They also received the “Special Award” at the National Highways Excellence Awards, 2021 for the Ramdas Gurdaspur Project, including the Kartarpur Sahib Project.
The company’s Order Book as of June 30, 2024, and for the fiscal years 2024, 2023, and 2022, were ₹94,708.42 million, ₹92,257.78 million, ₹108,090.43 million, and ₹63,461.30 million, respectively.
The company has recently completed several key projects, including widening a road in Punjab, constructing the Kartarpur-Sahib Project, and finishing an elevated corridor portion for the Delhi-Saharanpur Project.
As of March 31, 2024, the company has 2,256 permanent employees
Refer to Ceigall India IPO RHP for detailed information.
Ceigall India IPO Details
| IPO Date | August 1, 2024 to August 5, 2024 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | ₹380 to ₹401 per share |
| Lot Size | 37 Shares |
| Total Issue Size | 31,238,480 shares(aggregating up to ₹1,252.66 Cr) |
| Fresh Issue | 17,063,640 shares(aggregating up to ₹684.25 Cr) |
| Offer for Sale | 14,174,840 shares of ₹5(aggregating up to ₹568.41 Cr) |
| Employee Discount | Rs 38 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 157,136,000 |
| Share holding post issue | 174,199,640 |
Ceigall India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
Ceigall India IPO Timeline (Tentative Schedule)
Ceigall India IPO opens on August 1, 2024, and closes on August 5, 2024.| IPO Open Date | Thursday, August 1, 2024 |
| IPO Close Date | Monday, August 5, 2024 |
| Basis of Allotment | Tuesday, August 6, 2024 |
| Initiation of Refunds | Wednesday, August 7, 2024 |
| Credit of Shares to Demat | Wednesday, August 7, 2024 |
| Listing Date | Thursday, August 8, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 5, 2024 |
Ceigall India IPO Lot Size
Investors can bid for a minimum of 37 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,837 |
| Retail (Max) | 13 | 481 | ₹192,881 |
| S-HNI (Min) | 14 | 518 | ₹207,718 |
| S-HNI (Max) | 67 | 2,479 | ₹994,079 |
| B-HNI (Min) | 68 | 2,516 | ₹1,008,916 |
Ceigall India IPO Promoter Holding
The promoters of the Company, are Ramneek Sehgal, Ramneek Sehgal and Sons HUF and RS Family Trust.| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue |
Ceigall India Limited Financial Information (Restated Consolidated)
Ceigall India Limited's revenue increased by 46.92% and profit after tax (PAT) rose by 81.81% between the financial year ending with March 31, 2024 and March 31, 2023.| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 2,592.19 | 1,827.82 | 959.14 |
| Revenue | 3,066.19 | 2,087.04 | 1,146.50 |
| Profit After Tax | 304.91 | 167.70 | 126.43 |
| Net Worth | 906.41 | 593.06 | 431.25 |
| Total Borrowing | 1,811.02 | 1,252.58 | 652.12 |
Key Performance Indicator
The market capitalization of Ceigall India IPO is Rs 6985.41 Cr.KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 33.57% |
| ROCE | 31.98% |
| Debt/Equity | 1.17 |
| RoNW | 33.57% |
| P/BV | 6.95 |
| PAT Margin (%) | 10.05 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 19.4 | 17.5 |
| P/E (x) | 20.67 | 22.91 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Ceigall India IPO Objectives)
The company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the “Objects”):
1. Purchase of equipment;
2. Repayment/ prepayment, in full or in part, of certain borrowings availed by:
- The Company; and
- The Subsidiary, Ceigall Infra Projects Private Limited
Ceigall India Limited Contact Details
A-898,
Tagore Nagar
Ludhiana – 141 001
Phone: +91 161 4623666
Email: secretarial@ceigall.com
Website: https://www.ceigall.com/
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