Capacit’e Infra lists at ₹399, up 60% over its issue price

Capacit’e Infraprojects Ltd made a strong debut on the exchanges on Monday. The construction firm listed at ₹399, up 59.6% from its issue price of ₹250 per share on the BSE. Though it gave up some of its gains during the day, it still closed at ₹342.40 per share, up 36.96%.

The market was weak on Monday with the Sensex and Nifty indices nearly 1% at close.

The ₹400-crore initial public offering (IPO) of Capacit’e Infraprojects was subscribed 186 times, making it the most subscribed issued of the year so far. The issue was open from September 13-15 at a price band of ₹245250 per share.

Ahead of its initial share sale, it had raised ₹120 crore from anchor investors, including Goldman Sachs India Ltd, Reliance Capital Trustee Co. Ltd and ICICI Prudential Growth Fund.

Proceeds from the issue will be used to fund working capital requirements, purchase capital assets and general corporate purposes.

Capacit’e has projects across residential, commercial and institutional segments.

As of May 2017, it had an order book of ₹4,603 crore, which is four times its consolidated revenue from operations for FY17. Western India constituted 58.9% of total projects, north 14.3% and south constituted 26.8%.

Its clients include Kalpataru, Oberoi Constructions Ltd, Wadhwa Group, Saifee Burhani Upliftment Trust, Lodha Group, Rustomjee, Godrej Properties Ltd, Brigade Enterprises Ltd and Prestige Estates Projects Ltd, as of May 2017. It has 51 ongoing projects.

MUMBAI: