The Indian IPO market has seen numerous new players register themselves in 2018. Engineering and construction company, IRCON International, which is owned by the state is set to open its IPO today. The initial price band would be Rs 470 – 475.
So far, there have been 8 international companies that have opened their IPOs in FY 2018-19. IRCON International is the second government of India owned company to open an IPO under the investment program.
IDBI Capital Markets & Securities, Axis Capital and SBI Capital Markets are the lead managers to this offer. The listing will be done on both NSE and BSE.
About the IRCON International:
An integrated Indian engineering and construction company, IRCON International specializes in numerous infrastructure projects. The projects under the company’s best include railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas.
The company offers EPC services on a fixed-sum turnkey basis and on an item-rate basis for numerous infrastructure projects. It also works on the build-operate-transfer model for various projects depending on the requirement.
At the price of Rs 386.72 per share, IRCON bought 0.49 crore shares in December 2017. The order book of the organization stands at Rs 22,406.79 crore.
Headquartered in New Delhi, India and in Malaysia, the company has 26 offices in India and across the globe. It also owns five regional offices that support and manage the business.