Saturday, February 20, 2010

Man Infraconstruction IPO - Analysis, Subscription, Allotment and Listing

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Man Infraconstruction has come out with an IPO of 56,25,150 equity shares. It plans to raise upto Rs 141.75 crore from this issue at the higher end of price band, which is at Rs 243-252 per share. The issue will close on February 22, 2010.

Man Infra is basically a realty contracting company, and though it says it provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects, its main bread winner is through building residential properties. As at 31st of Dec 2009, 83% of the outstanding order book of the firm of Rs. 3,020 crore was in residential projects, of which about 50% was for slum redevelopment and 10% for commercial and less than 5% was for ports.

The IPO has received good response from investors and got subscribed 62 times at the close mostly at the support of QII and NII segment investors.

Click here to check if you have been alloted Man Infra shares!

Man Infra IPO gave good return to investors on the listing day. Against the issue price of Rs. 252, the share opened at Rs. 318, which apparently was also the low of the day. It went to a high of Rs. 375 on NSE before closing the day at Rs. 349. It closed at a premium of over 38% against the issue price.

Watch out this blog for more details on the IPO!
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