The initial public offer of Gammon Infrastructure Projects (GIPL) was subscribed 3.47 times on the last day of its issue. The IPO received bids for 5.74 crore shares as against 1.65 crore shares on offer. The company had set a price band of Rs 167 - Rs 200 per share.
The IPO is assigned 'Care IPO Grade 4' by Credit Analysis and Research. The issue comprises a net issue of 1.48 crore equity shares to public and a reservation of 16.55 lakh equity shares for eligible employees.
The company is offering part-payment facility to retail investors and non-institutional investors. The amount payable on submission of the bid-cum-application form is Rs 50 per equity share, with the balance to be paid by the due date.
GIPL was incorporated in 2001 and is modelled as an infrastructure development company undertaking projects on a public-private partnership basis (PPP). Presently, GIPL undertakes and develops projects such as roads, bridges, ports, hydroelectric power and biomass power projects on a PPP basis.
Presently, GIPLs infrastructure project development business includes fourteen projects, of which four are already in the operations phase, seven are in the development phase and three are in the pre-development phase. GIPL also provides project advisory services for projects which are being undertaken by the project specific companies.
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