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PSP Projects IPO opens

The Rs 211 crore initial public offering (IPO) of Ahmedabad-based PSP Projects kicked off on Wednesday.

The construction firm is looking to sell 55.44 lakh shares in the Rs 205-210 price band. On Tuesday, the company allotted 45.36 lakh shares to nine anchor investors – including Reliance Mutual Fund, SBI MF, Axis MF, Sundaram MF and Birla Sun Life Insurance – at Rs 210 apiece, aggregating to Rs 95.25 crore.

The issue will close on Friday.

Company background
PSP Projects, which is a small infrastructure company, was incorporated in 2008 and started out with a few government projects. In FY16, the company saw a sales turnover of Rs 458 crore. The consolidated order book stands at Rs 927 crore, over 2 times its sales. Obviously, the company needed more working capital to notch up a faster pace of growth and compensate for poor internal accruals. For the period ending December 2016, the company reported a deficit of Rs 3.7 crore in cash from operating activities.

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