PNC Infratech Limited IPO

Abstract:
PNC Infratech Limited IPO was filed with SEBI in January, 2008. PNC Infratech Limited aimed at raising substantial amount of capital through this IPO. The company decided to sell its’ 6,000,000 equity shares through this initial public offering. PNC Infratech Limited IPO refers to the Initial Public Offering of the Indian infrastructure construction company, PNC Infratech Limited.
The company which executes big infrastructure projects like building flyovers, highways and airport runways possess clients like National Highway Authority of India(NHAI) and Airport Authority of India, aimed at raising substantial amount of capital through its’ initial public offering.

The company filed its’ Draft Red Herring Prospectus or DRHP with Securities and Exchange Board of India(SEBI) in January, 2008.

Details of the Initial Public Offering

PNC Infratech Limited decided to sell its’ 6,000,000 equity shares through the Initial Public Offering.Out of these 6,000,000 equity shares, company reserved 200,000 equity shares for its’ own employees. So, it was made clear that the company wanted to sell its’ 5,800,000 equity shares through Net Public Issue.
It was also declared by the company that the Net Public Issue would constitute 21% of the post issue paid up capital. The 6,000,000 equity shares, that the company decided to sell through IPO were shares of rupees 10 each. The company planned to sell these shares at a price, that would be determined by the book building process. PNC Infratech Limited appointed Enam Securities Private Limited as the brLM or Book Running Lead Manger of this Initial Public Offering.
Reason Behind the IPO
PNC Infratech Limited took the decision of Initial Public Offering in order to raise capital that could be used for equity investment in BOT(Build, Operate, Transfer) projects. The company also planned to repay its’ debts using the capital raised through the IPO. PNC Infratech Limited also wanted to use the raised capital in meeting capital expenditure requirement and working capital requirement. Moreover, through Initial Public Offering, the company reaped the benefits of being listed on stock exchanges.

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Last Updated on : 30th July 2013

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