The offer was largely in accordance with the expectations of the Gray Market, which had linked the share around RS 313, which implied a profit of 19.01% compared to the issue price.
The SME IPO had drawn a heavy investment sake during the offer, with the part of the qualified institutional buyers 124.20 times, non-institutional investors 224.80 times and the retailquotum 88.61 times was registered.
IPO -Details
RS 100.15 Crore IPO from Goel Construction consisted of a new edition of 0.31 Crore shares worth RS 81.12 Crore and an offer for sale of 0.07 crore shares worth RS 19.03 Crore. The price band was set at RS 263 per share. Investors had to apply for at least 400 shares, which translated into RS 2.10,400 for retail participants and RS 3.15,600 for people with a high net value.
The bidding window was open from 2 September to 4 September, with allocations completed on 8 September.
Srujan Alpha Capital Advisors LLP performed as the book runner, MUFG Intime India PVT. Ltd. As a registrar, while Choice Equity Broking PVT. Ltd. and Rikhav Securities Ltd. were the market makers.
Company background
Goel construction, founded in 1997, specializes in industrial and infrastructure projects, including cement factories, power plants, dairy units and industrial facilities. From June 2025, the 14 current projects in eight states and an order book worth RS 596.6 Crore, which guarantees the visibility of income. Financially the company reported an increase in the turnover of 53% on an annual basis to RS 594.3 Crore in FY25, with profit after tax on the tax on 69% to RS 38.3 Crore.
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