Ceigall India Limited IPO

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Civil Construction

Listed On: Aug 8, 2024 at ₹ 419.0(NSE)

₹ 14837 /37 Shares

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Price Summary

Last Closing

321.35 (-19.86%)

52 Week High

424.80

52 Week Low

293.00

Last Update

22-Nov-2024 3:30 PM

Ceigall India IPO Details

01 Aug, 2024

Open Date

05 Aug, 2024

Close Date

06 Aug, 2024

Allotment Date

08 Aug, 2024

Listing Date

Issue Price

₹380-401 per equity share

Face Value

₹5 Per Equity Share

Listing at Group

BSE, NSE

Registrar

Link Intime India Private Ltd

List Price

419.0(NSE)

Listing Date

2024-08-08

Market Lot

Retail : 37 Shares (₹14,837/-)
S-HNI : 518 Shares (₹2,07,718/-)
B-HNI : 2,516 Shares (₹10,08,916/-)

Lead Manager

ICICI Securities Limited
Iifl Securities Ltd
Jm Financial Limited

Issue Size

Total ₹1,252.66 Cr :
#Fresh Issue : 17,063,640 shares(aggregating up to ₹684.25 Cr) +
#OFS : 14,174,840 shares of ₹5(aggregating up to ₹568.41 Cr)

Retail Portion

35% (Number of Retail Applications: 2,95,027 Approx),
(Number of S-HNI Applications : 3,010 Approx),
(Number of B-HNI Applications : 6,021 Approx)

Subscription

13.74 times

IPO Docs

DRHP RHP ANCHOR

Ceigall India IPO Subscription Details

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	6,237,721	4,678,291 3,118,861 1,559,430	10,916,012	21,887,120
Day 1 - 01-08-24 05:00 PM	0.00 x	0.90 0.93 x 0.83 x	0.80 x	0.61 x
Day 2 - 02-08-24 05:00 PM	0.01 x	1.75 1.70 x 1.86 x	1.65 x	1.23 x
Day 3 - 05-08-24 05:00 PM	31.50 x	14.39 15.80 x 11.56 x	3.70 x	13.74 x

Total No. of Applications: 11,22,027 (Approx)

Retail Subscription on the basis of Applications: Retail:3.16x BHNI:3.17x SHNI:11.61x times

Ceigall India Valuations

EPS Pre IPO

₹19.4/-

EPS Post IPO

₹17.5/-

P/E Pre IPO

20.67

P/E Post IPO

22.91

RoNW

33.57%

Ceigall India Company Financials All values are in ₹ Cr.

	31-Mar-24	31-Mar-23	31-Mar-22
Assets	2,592.19	1,827.82	959.14
Revenue	3,066.19	2,087.04	1,146.50
Profit After Tax	304.91	167.70	126.43
Net Worth	906.41	593.06	431.25
Total Borrowing	1,811.02	1,252.58	652.12

About The Company

Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.

By July 2024, the company completed over 34 road and highway projects. These projects include project 16 EPC, one HAM project, five O&M projects, and 12 Item Rate Projects.The company has 18 ongoing projects, including 13 EPC projects and five HAM projects. These involve elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.

As of March 31, 2024, the company has 1,488.17 lane kilometers of ongoing projects and has completed 2,158.72 lane kilometers of O&M projects.

The company specializes in the construction, development, and execution of major multi-lane highway projects with specialized structures in various states of India, including Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Delhi, Maharashtra, and Bihar.

Ceigall India Limited won the Gold Award at the National Highways Excellence Award, 2020 for the Khemkaran-Amritsar Project. They also received the Special Award at the National Highways Excellence Awards, 2021 for the Ramdas Gurdaspur Project, including the Kartarpur Sahib Project.The company's Order Book as of June 30, 2024, and for the fiscal years 2024, 2023, and 2022, were ₹94,708.42 million, ₹92,257.78 million, ₹108,090.43 million, and ₹63,461.30 million, respectively.

The company has recently completed several key projects, including widening a road in Punjab, constructing the Kartarpur-Sahib Project, and finishing an elevated corridor portion for the Delhi-Saharanpur Project.As of March 31, 2024, the company has 2,256 permanent employees

Ceigall India - Strength and Weakness

Strength

Ceigall India Limited's rapid expansion and diverse project portfolio present opportunities for sustained growth and market leadership, backed by its strong order book and proven track record in executing complex infrastructure projects.

With a focus on diversifying into new geographies, Ceigall India Limited can mitigate risks, tap into higher-margin opportunities, and capitalise on India's growing infrastructure development needs.

With over two decades of experience and a proficient management team, Ceigall India Limited's streamlined processes, cost-effective strategies, and optimal resource management strengthen its financial stability, empowering it to pursue strategic initiatives and adapt to evolving market dynamics.

Weakness

Ceigall India Limited heavily relies on contracts from government authorities, particularly NHAI, exposing it to risks of contract termination, restructuring, or renegotiation due to policy changes or project revocations, potentially impacting its business and financial performance.

Despite continuous bidding efforts, Ceigall India Limited may face challenges in winning projects due to intense competition, failure to meet qualification criteria, or delays in project tendering, affecting its revenue streams and growth prospects.

Ceigall India Limited's strategy to diversify beyond roads and highways projects carries inherent risks, including higher costs, increased competition, and operational challenges in new segments, which may hinder its ability to successfully execute projects and achieve growth targets.

Ceigall India - Peers Comparison

	P/B Ratio	P/E Ratio	RoNW	Net Worth
Ceigall India	6.95	22.9	33.6%	3,066
PNC Infratech	2.55	14.5	19.2%	8,650
G R Infraprojects	2.19	15.4	15.7%	8,980
H.G. Infra	4.41	20.6	24.0%	5,378
KNR Constructions	3.08	14.6	23.8%	4,429
ITD Cementation	5.86	32.0	20.0%	7,718
J Kumra Infraprojects	2.41	19.4	13.2%	4,879

Ceigall India - Promoter(s)

Pre Issue Share Holding: N/A%

Post Issue Share Holding: N/A%

Company Promoter(s)

Ramneek Sehgal
Ramneek Sehgal and Sons HUF
RS Family Trust

Ceigall India IPO - Issue Objectives

Purchase of equipment
Repayment/ prepayment, in full or in part, of certain borrowings availed by:The Company; andThe Subsidiary, Ceigall Infra Projects Private Limited

Ceigall India IPO - Anchor Investors

Ceigall India collects Rs 375 cr from anchor investors ahead of IPO.

ICICI Prudential Mutual Fund (MF), HDFC MF, Axis MF, Bandhan MF, ICICI Prudential Life Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd and Max Life Insurance Ltd are among the anchor investors.

Additionally, Nomura, Integrated Core Strategies(Asia) PTE Ltd, Societe Generale, Morgan Stanley Asia (Singapore) PTE and Citigroup Global Markets Mauritius have been allocated shares in the anchor round.

Other Details

Company Contact Details

Ceigall India

A-898, Tagore Nagar, Ludhiana - 141 001

Phone: +91 161 4623666

Email: secretarial@ceigall.com

Website: https://www.ceigall.com/

Registrar Contact Details

Link Intime India Private Ltd

Phone: +91-22-4918 6270

Email: ceigall.ipo@linkintime.co.in

Website: https://linkintime.co.in/initial_offer/public-issues.html

Ceigall India IPO - FAQs

Ans. Ceigall India Limited IPO is a Mainboard IPO. The issue is priced at ₹380-401 per equity share. The minimum order quantity is 37 Shares. The IPO opens on Aug 1, 2024, and closes on Aug 5, 2024. Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Ceigall India Limited IPO opens on Aug 1, 2024 and closes on Aug 5, 2024.

Ans. The size of Ceigall India Limited IPO is Total ₹1,252.66 Cr : #Fresh Issue : 17,063,640 shares(aggregating up to ₹684.25 Cr) + #OFS : 14,174,840 shares of ₹5(aggregating up to ₹568.41 Cr).

Ans. The IPO price band is set between ₹380-401 per equity share.

Ans. To apply for Ceigall India Limited IPO IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Ceigall India Limited IPO in the List of IPOs
- Press "Apply" Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Ceigall India Limited IPO is Aug 6, 2024.

Ans. The Ceigall India Limited IPO will be listed on Aug 8, 2024.

Ans. Follow the steps to check the allotment status for Ceigall India Limited IPO here.