India: IPO-bound Capacit’e Infraprojects raises $18.7m from anchor investors

Photo: Mint

Capacit’e Infraprojects Ltd, a Mumbai-based construction company, on Tuesday said it has raised Rs120 crore by selling shares to institutional investors as part of the so-called anchor book allocation, a day ahead of the launch of its initial public offering (IPO).

The construction company’s IPO opens on 13 September. The company has set a price band of Rs245-250 per share for the share sale.

Institutional investors bought 4.8 million shares of the company at the upper end of the price band.

The anchor book is that portion of an IPO that bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before an IPO launch and acts as an indicator of institutional investor interest.

Institutional investors who participated in the anchor book allocation included DSP Blackrock India T.I.G.E.R Fund, Goldman Sachs India Ltd, HSBC Global Investment Funds, ICICI Prudential Growth Fund, Reliance Mid and Small Cap Fund, SBI Infrastructure Fund and Kotak Midcap Fund.

The Rs400 crore IPO will see the company dilute 24% stake. The share sale will close on 15 September.

The company is backed by Siddharth Parekh-led private equity firm Paragon Partners.

The company plans to use the funds for working capital requirements, purchasing capital assets and general corporate purposes.

Capacit’e Infraprojects undertakes construction of residential, commercial and institutional buildings, primarily in the Mumbai metropolitan region, the National Capital Region (NCR) and Bengaluru.

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This article was first published on LiveMint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.