Current Infraprojects IPO subscribed 31.3 times, Sattva Engineering offer sees 5.65 times on day 2

Current Infraprojects IPO

The initial public offerings of Current Infraprojects, and Sattva Engineering Construction, the engineering, procurement and construction services providers, garnered healthy response from investors in the last two days of subscription period.

Both public issues opened for subscription on August 26 and will close on August 29.

Current Infraprojects' maiden public offer was subscribed 31.3 times on August 28, the second day of bidding, with investors buying 11.81 crore shares compared to the offer size of 37.72 lakh shares via 28,563 applications.

The Rajasthan-based company that provides EPC services in the solar, electrical, water and civil contracts aims to raise Rs 41.8 crore through IPO of 52.25 lakh shares. The price band for the offer is Rs 76-80 per share.

Additionally, it also provides specialised engineering consulting services in mechanical, electrical and plumbing systems.

The company already mobilised Rs 11.62 crore via anchor book of 14.52 lakh shares at the upper price band. Holani Venture Capital Fund, Finavenue Growth Fund, and Aarth AIF Growth Fund were among seven investors in the company through anchor book.

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Its IPO proceeds will be utilised for setting up 1800 KW solar plant under RESCO model at Indian Institute of Technology (Indian School of Mines), IIT (ISM), Dhanbad, Jharkhand at a cost of Rs 5.85 crore through its subsidiary Current Infra Dhanbad Solar.

Further, Rs 30 crore will be used for working capital requirement, and the remainder funds for general corporate purposes.

Meanwhile, Sattva Engineering Construction's public issue saw 5.65 times subscription on Thursday. Investors bid 1.91 crore shares against the IPO size of 33.87 lakh shares via 4,787 applications.

The company that provides water resource management solutions - including water supply scheme with underground and overhead tank, and under ground sewerage system, and water treatment plants primarily for government authorities or bodies - targets to mobilise Rs 35.4 crore via IPO which consists of entirely fresh issue with price band of Rs 70-75 per share.

Chennai-based Sattva Engineering already mobilised Rs 9.97 crore from six anchor investors including Mavira Growth Opportunities Fund, Radiant Global Fund, and Vikasa India EIF.

The Rs 27.5 crore of the IPO proceeds will be utilised mainly for long-term working capital requirements, and the remainder for general corporate purposes.

Vivro Financial Services is managing the Sattva Engineering Construction IPO, while the Current Infraprojects IPO is handled by merchant banker Holani Consultants.