Ceigall India listing: Infrastructure company's shares debut with nearly 4.50% premium

Shares of infrastructure company Ceigall India Ltd on Thursday listed with a premium of nearly 4.50 per cent against the issue price of Rs 401.

The stock started the trade at Rs 413, reflecting a gain of 2.99 per cent from the issue price on the BSE. Later it jumped 5.98 per cent to Rs 425.

At the NSE, it listed at Rs 419, up 4.48 per cent.

The company's market valuation stood at Rs 7,107.56 crore.

The initial public offer of Ceigall India got subscribed 13.75 times on the last day of share sale on Monday.

The Rs 1,252.66-crore initial share sale was a combination of a fresh issue of Rs 684.25 crore and an offer-for-sale (OFS) of up to 1.42 crore equity shares worth Rs 568.41 crore, at the upper end of the price band, by the promoters, and an individual shareholder.

Price range for the offer was Rs 380-401 per share.

Proceeds from the fresh issue will be used for purchase of equipment, payment of debt and a portion will be used for general corporate purposes.

Founded in 2002, Ceigall India is an infrastructure construction company with experience in undertaking specialised structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways.

Its clientele includes public sector entities like Indian Railway Construction International Ltd, Military Engineer Services and Bihar State Road Development Corporation Ltd.