Consolidated Construction IPO over-subscribed eight times; HNI, retail segments lag behind

Consolidated Construction Consortium (CCCL), a provider of integrated turnkey construction services, has been over-subscribed 8.37 times. The public issue has received bids for 30.9 million shares, including for 357,000 shares at cut off price. While the institutional segment has been subscribed 13.76 times, the high net-worth and retail segments are badly lagging with just 3 per cent and 34 per cent of the available shares subscribed, respectively.

The initial public offer (IPO) is of 37,00,000 equity shares of Rs10 each for cash at a price band of between Rs460 and Rs510 per equity share. The company will raise Rs170.20 crore at lower end of price band and Rs188.70 crore at higher end.

The issue seeks to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditures towards skill and management development centre, repayment of loans and expenditure for general corporate purposes.