Workers in hi-vis jackets prepare reinforcing steel during phase one of construction on the Bhendi Bazaar redevelopment project. (Photographer: Dhiraj Singh/Bloomberg)

HG Infra Engineering IPO Subscribed 44% On Day 2

The initial public offer of HG Infra Engineering Ltd. was subscribed 44 percent on the second day of bidding.

The Rs 462-crore IPO received bids for 53,19,490 shares, against the total issue size of 1,21,37,070 shares, data available with the NSE till 5 p.m. showed. The portion reserved for non-institutional investors was subscribed 7 percent and that of retail investors 84 percent.

The IPO is of a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 162 crore. The issue, which is in a price band of Rs 263-270, will close for subscription tomorrow. HG Infra Engineering garnered over Rs 138 crore from anchor investors last week.

Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain debt, and for other general corporate purposes.

SBI Capital Markets Ltd. and HDFC Bank Ltd. are the book running lead managers to the issue.