As of noon today, the retail participants had made 15,906 applications for 2.54 crore shares of the company, while the non-institutional investors (NIIs) had made 811 applications for 48.56 lakh shares.
The qualified institutional buyers (QIBs) had made just one application for a total of 5.82 lakh shares.
The Suntech Infra Solutions IPO will close on June 27, with share allotment expected by June 30. Shares of the company are slated to debut on the NSE SME platform on July 2.
The price band for the IPO has been set between Rs 81 and Rs 86 apiece, with investors required to apply for a minimum lot size of 1,600 shares.
GYR Capital Advisors is acting as the book-running lead manager, while Mas Services Limited serves as the registrar. Giriraj Stock Broking is the market maker for the issue.
Company Snapshot
Founded in 2009, Suntech Infra Solutions provides a comprehensive suite of civil construction services, including foundation and structural work. The company serves both public and private sector clients across industries such as power, oil & gas, cement, steel, refineries, and infrastructure.
Suntech currently has six active projects with a total value exceeding Rs 186 crore, alongside an equipment rental order book worth Rs 10.92 crore. It owns an extensive range of modern construction machinery, including piling rigs, diaphragm wall grabs, boom placers, and cranes. Notable clients include Bharat Mandapam, Indian Oil Corporation (IOCL), Ultratech Cement, and the Unity Group.
Financial highlights of Suntech Infra Solutions
The company has demonstrated consistent financial growth. In FY24, it reported revenue of Rs 96.25 crore and a profit after tax (PAT) of Rs 9.25 crore, compared to Rs 5.76 crore in FY23. The EBITDA margin improved to 28.28%, while the PAT margin stood at 9.67%. The company also posted a robust Return on Equity (ROE) of 28.50% for FY24.
Also read: HDB Financial’s pre-IPO lottery backfires. Are unlisted stocks not worth the hype?
Suntech Infra Solutions IPO objectives
The net proceeds from the IPO will be used to:
- Meet working capital requirements (Rs 12.21 crore),
- Fund the purchase of new construction equipment (Rs 12.51 crore),
- Support general corporate purposes.
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