A new listing today and it was pretty muted. Ceigall India got on the BSE at Rs.413 as against the IPO price of Rs.401; it rose to Rs.425 but could not sustain there and is now trading at Rs.405 levels.

The IPO was overall subscribed 13.75x, with QIBs portion at 31.15x, HNIs at 14.4x and Retail at 3.72x.

Ceigall is a 20 year old Ludhiana-based engineering, procurement and construction (EPC) company, having completed 1,700+ km road projects in Punjab, Haryana, J&K, Himachal, Uttar Pradesh, Delhi, Rajasthan. While 95% of revenue comes from roads, the company recently entered into metro construction, by bagging 2 projects.

Our IPO Analysis conclusion - Strong fundamentals such as high growth and sector-highest RoE make the IPO a ‘subscribe’.