Ganesh Infraworld IPO GMP has surged to nearly 60 percent on Day 2 of the subscription. The SME issue opened for public subscription in the primary market on November 29 and will conclude on December 3.
The construction and allied services provider, Ganesh Infraworld, launched its initial share sale with a price band of Rs 78-83 per share. The Rs 99-crore was subscribed 9.28x on the second of the share sale of the company.
Meanwhile, the shares of the company are commanding a notable surge in the grey market premium. According to Investorgain which track the grey market activities, the shares are commanding a GMP of Rs 50, indicating a 60 percent listing gain.
Until last week, the shares were trading at a GMP of around 42 percent.
The West Bengal-based company offers construction and allied services for industrial civil projects, residential & commercial buildings, road, railway infrastructure, power and water distribution projects, specialising in engineering, procurement, and construction (EPC) services. It has an order book of Rs 574.9 crore as of August 31, comprising 41 ongoing projects.
Ganesh Infraworld intends to spend Rs 70 crore out of the net issue proceeds for its working capital requirements; and the remainder for general corporate purposes. It will use Rs 40 crore in current financial year and Rs 30 crore in next fiscal 2026 for its working capital.
The book-built issue consists of a solely fresh issue of 1.18 crore equity shares by the company, which means the entire IPO proceeds (excluding offer expenses) will go to the company.
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