Ceigall India IPO will open for subscription from 01 August 2024. The company aims for an issue size of ₹1,252.66 Cr through this IPO.
Company Overview
| Full name | Ceigall India Limited |
| Sector | Infrastructure |
| Industry | Engineering – Construction |
| Company Website | https://ceigall.com/ |
About Company
Ceigall India is an infrastructure construction company specializing in elevated roads, flyovers, bridges, railway bridges, tunnels, highways, expressways, and runways. As of Fiscal 2024, it is one of the fastest-growing EPC companies in terms of three-year revenue CAGR among those with a turnover exceeding INR 10,000 million. The company boasts over 20 years of industry experience. The company’s principal business operations are broadly divided into EPC projects and hybrid annuity model (HAM) projects, spanning ten states in India.
As of July 2024, Ceigall India has completed over 34 projects, including 16 EPC, one HAM, five O&M, and 12 Item Rate Projects in the roads and highways sector. Currently, the company has 18 ongoing projects, comprising 13 EPC projects and five HAM projects, which include elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.
As of 30 June 2024, Ceigall India’s Order Book amounted to INR 9,470.84 crore, compared to INR 9,225.78 crore in Fiscal 2024. Projects awarded by NHAI contributed 80.31% to its Order Book. Other public-sector clients include Indian Railway Construction International Limited (IRCON), Military Engineer Services (MES), and Bihar State Road Development Corporation Limited (BSRDCL).
The Objectives of the Issue
- Purchase of equipment;
- Repayment/ prepayment, in full or in part, of certain borrowings availed by The Company; and its subsidiary Ceigall Infra Projects Private Limited.
Ceigall India IPO Timetable
| IPO Opening date | 01 August 2024 |
| IPO Closing | 05 August 2024 |
| Basis of Allotment | 06 August 2024 |
| Initiation Refund | 07 August 2024 |
| Credit to Demat Account | 07 August 2024 |
| Listing Date | 08 August 2024 |
Ceigall India IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹1,252.66 Cr – 31,238,480 shares |
| Fresh Issue | ₹684.25 Cr – 17,063,640 shares |
| Offer for sale | ₹568.41 Cr – 14,174,840 shares |
| Face value | ₹05 per share |
| Price Band | ₹380 to ₹401 per share |
| Lot size | 37 Shares |
| Employee Discount | ₹38 per share |
| Shareholding pre-issue | 157,136,000 |
| Shareholding post-issue | 174,199,640 |
| Listing Exchange | BSE & NSE |
Ceigall India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,837 |
| Retail (Max) | 13 | 481 | ₹192,881 |
| S-HNI (Min) | 14 | 518 | ₹207,718 |
| S-HNI (Max) | 67 | 2,479 | ₹994,079 |
| B-HNI (Min) | 68 | 2,516 | ₹1,008,916 |
Ceigall India Offer Documents
Ceigall India IPO Reservation Details
Ceigall India IPO offers 31,243,701 shares. 6,237,721 (19.96%) to QIB, 4,678,291 (14.97%) to NII, 10,916,012 (34.94%) to RII, 55,096 (0.18%) to employees and 9,356,581 (29.95%) to Anchor investors. 295,027 RIIs will receive minimum 37 shares and 3,010 (sNII) and 6,020 (bNII) will receive minimum 518 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 9,356,581 (29.95%) | NA |
| QIB Shares Offered | 6,237,721 (19.96%) | NA |
| NII (HNI) Shares Offered | 4,678,291 (14.97%) | |
| bNII > ₹10L | 3,118,861 (9.98%) | 6,020 |
| sNII < ₹10L | 1,559,430 (4.99%) | 3,010 |
| Retail Shares Offered | 10,916,012 (34.94%) | 295,027 |
| Employee Shares Offered | 55,096 (0.18%) | NA |
| Total Shares Offered | 31,243,701 (100%) |
Ceigall India Financial Performance
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 1,133.79 | 2,068.17 | 3,029.35 |
| Expenses | 977.03 | 1,861.85 | 2,660.83 |
| Net income | 125.86 | 167.27 | 304.31 |
| Margin (%) | 11.10 | 8.09 | 10.05 |
Ceigall India Valuations & Margins
| FY 2022 | FY 2023 | FY 2024 (Pre Issue) | FY 2024 (Post-Issue)* | |
| EPS | 8.01 | 10.65 | 19.37 | 17.47 |
| PE Ratio | – | 19.62 – 20.70 | 21.75 – 22.95 |
* Calculated on the basis of annualized Profits After Tax for FY 2024
| FY 2022 | FY 2023 | FY 2024 | |
| RONW (%) | 29.19 | 28.20 | 33.57 |
| NAV | 27.45 | 37.75 | 57.70 |
| ROCE (%) | 29.84 | 28.67 | 31.98 |
| EBITDA (%) | 16.40 | 14.29 | 17.09 |
| Debt/Equity | 0.73 | 1.18 | 1.17 |
Company Promoters
- Ramneek Sehgal
- Ramneek Sehgal and Sons HUF
- RS Family Trust.
Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding | 82.06% |
Ceigall India Offer GMP Update
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 7 August 2024 | 21 | – | 500 |
| 6 August 2024 | 25 | – | 700 |
| 5 August 2024 | 55 | – | 1,200 |
| 3 August 2024 | 70 | – | 1,500 |
| 2 August 2024 | 80 | – | 1,500 |
| 1 August 2024 | 85 | – | 1,700 |
| 31 July 2024 | 85 | – | 1,500 |
| 30 July 2024 | 82 | – | 1,500 |
Ceigall India – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Ceigall India | 20.70 | 19.37 | 33.57 | 57.70 | 3,029.35 |
| PNC Infratech | 14.75 | 35.45 | 17.54 | 202.11 | 8,649.87 |
| G R Infraprojects | 12.60 | 136.87 | 17.40 | 786.27 | 8,980.15 |
| H.G. Infra Engineering | 20.43 | 82.64 | 21.94 | 376.71 | 5,378.48 |
| KNR Constructions | 13.17 | 27.64 | 21.51 | 124.37 | 4,429.49 |
| ITD Cementation India | 29.39 | 15.93 | 18.30 | 87.21 | 7,717.87 |
| J Kumar Infraprojects | 19.68 | 43.71 | 12.51 | 349.44 | 4,879.21 |
Ceigall India IPO Subscription Update
| Category | Subscription (times) |
|---|---|
| QIB | 31.26 |
| NII | 14.83 |
| bNII (bids above ₹10L) | 16.28 |
| sNII (bids below ₹10L) | 11.92 |
| Retail | 3.82 |
| Employee | 11.84 |
| Total | 14.01 |
Ceigall India IPO Allotment Status
Ceigall India IPO allotment status will be available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Listing Details
| Listing Date | 08 August 2024 |
| BSE Scrip Code | 544223 |
| NSE Symbol | CEIGALL |
| ISIN | INE0AG901020 |
| Final Issue Price | ₹401 per share |
Listing Day Update
| Listing Exchange | BSE | NSE |
| Final Issue Price | ₹401.00 | ₹401.00 |
| Open | ₹413.00 | ₹419.00 |
| Low | ₹380.10 | ₹383.25 |
| High | ₹425.00 | ₹424.80 |
| Last Trade | ₹386.05 | ₹386.75 |
Ceigall India IPO Lead Manager(s)
- ICICI Securities Limited
- IIFL Securities Ltd
- JM Financial Limited
Ceigall India Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: ceigall.ipo@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
CEIGALL INDIA LIMITED
A-898, Tagore Nagar,
Ludhiana 141 001, Punjab, India
Phone: +91 161 4623666
Email: secretarial@ceigall.com
Website: www.ceigall.com
Ceigall India IPO FAQs
How many shares in Ceigall India IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for the Ceigall India Public Offer?
The best way to apply for Ceigall India’s public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Ceigall India IPO GMP today?
Ceigall India IPO GMP today is ₹ 21 per share.
What is Ceigall India kostak rate today?
Ceigall India kostak rate today is ₹ NA per application.
What is Ceigall India’s subject-to- Sauda rate today?
Ceigall India Subject to Sauda rate today is ₹ 500 per application.
Final thoughts
Ceigall India IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. Study the company well and subscribe if you feel good about it. I hope this post will give you enough details to research the company fundamentally. learn well and make wise decisions.
Happy Investing
