Capacit’e, firm behind Mumbai’s Trump Towers, wins orders but pushes IPO to Sep
The decision to hold back the IPO is a surprise, given the record highs the indices are touching every other day
Capacit’e Infraprojects, an engineering, procurement and construction company that is one of the sub-contractors for erecting the Trump Towers in Mumbai’s Lower Parel area, has received orders worth Rs 305 crore, sources told Moneycontrol.
At the same time, a source told Moneycontrol that the company’s proposed initial public offering (IPO), earlier scheduled to hit the market this month, has now been held back for a September float.
The company’s Rs 400-crore issue has already got the nod of the market regulator. The firm is backed by private equity firms New Quest Asia and Paragon Partners.
The decision to hold back the IPO, albeit for a short period, is a surprise, given the record highs the indices are touching every other day. The approval by the regulator, Securities and Exchange Board of India, for the proposed offering is valid for a year. Axis Capital, IIFL Holdings and Vivro Financial Services are the merchant bankers to the issue.
Wednesday, the S&P BSE Sensex touched its all-time high of 32,686.48 points before ending the session at 32,476.74.
Talking about the twin orders the source said that the company had got orders from two joint ventures of Radius Developer. A joint venture of Radius and DB Realty has awarded a Rs 185-crore construction contract for its prestigious 80-floor super high-rise project Orchid Heights at Mahalaxmi in Mumbai.
The second contract for Capacité is from Radius’ joint venture with Sumer Group. The Rs 120-crore order is for developing the company’s luxury residential Avenue 54 project at Santacruz in Mumbai.