PKH Ventures IPO Subscribed 30% On Day 2
The company is looking to raise Rs 379.4 crore through the maiden share sale.
PKH Ventures Ltd. is looking to raise Rs 379.4 crore through the initial public offering. Of this, Rs 270.2 crore will be raised via a fresh issue, and the rest through an offer for sale.
The maiden share sale of the company was subscribed 6% on its opening day—June 30—with retail investors leading the demand.
PKH Ventures is in the business of construction, development, hospitality, and management services. It executes civil construction works for third-party developer projects. The company has been awarded two government projects and three government hotel development projects.
Issue Details
Issue opens: June 30.
Issue closes: July 4.
Allotment date: July 7.
Total issue size: Rs 379.4 crore.
Total shares: 2,56,32,000 shares.
Face value: Rs 5 per share.
Fresh issue: Rs 270.2 crore.
Shares for fresh issue: 1,82,58,400 shares.
Offer for sale: Rs 109.1 crore.
Shares for offer for sale: 73,73,600 shares.
Price band: Rs 140-148 per share.
Lot size: 100 shares.
Listing: BSE and NSE.
Use of Proceeds
The net proceeds will be used for the following purposes by the company:
Equity investment in the subsidiary, Halaipani Hydro Project Pvt. Ltd., for the development of a hydropower project (Rs 124.1 crore).
Equity investment in the subsidiary, Garuda Construction, for funding long-term working capital requirements (Rs 80 crore).
Pursuing inorganic growth through acquisitions and other strategic initiatives (Rs 40 crore).
To fund expenditures for general corporate purposes.
Subscription Status: Day 2
The IPO has been subscribed 0.3 times, or 30%, as of 5:00 p.m. on July 3.
Institutional investors: 0.11 times, or 11%.
Non-institutional investors: 0.63 times, or 63%.
Retail investors: 0.45 times, or 45%.
