IPO

Ceigall India Limited IPO

Mainboard

Civil Construction

Listed On: Aug 8, 2024 at ₹ 419.0(NSE)

₹ 14837 /37 Shares

Check Allotment

01 Aug, 2024

Open Date

05 Aug, 2024

Close Date

06 Aug, 2024

Allotment Date

08 Aug, 2024

Listing Date
Price Summary

Last Closing

227.83 (-43.18%)

52 Week High

375.90

52 Week Low

222.61

Last Update

17-Dec-2025 3:30 PM
Ceigall India IPO Issue Details
  • Issue Price ₹380-401 per equity share
  • Face Value ₹5 Per Equity Share
  • Total Issue Size 3,12,38,480 shares(aggregating up to ₹1252.66 crore)
  • Fresh Share 1,70,63,640 shares(aggregating up to ₹684.25 crore)
  • Offer For Sale 1,41,74,840 shares(aggregating up to ₹568.41 crore)
  • Listing at BSE, NSE
  • List Price 419.0(NSE)
  • Listing Date 2024-08-08
  • Lead Manager ICICI Securities Limited
    Iifl Securities Ltd
    Jm Financial Limited
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 37 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 37 ₹14,837
Retail(max) 13 481 ₹1,92,881
Ceigall India IPO Reservation

Ceigall India IPO offers total 31,243,701 shares. Out of which 6,237,721 (19.96%) allocated to QIB, 4,678,291 (14.97%) allocated to NII,10,916,012 (34.94%) allocated to RII, NA (NA%) allocated to employees and 9,356,581 (29.95%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 9,356,581 (29.95%)
QIB Shares Offered 6,237,721 (19.96%)
NII (HNI) Shares Offered 4,678,291 (14.97%)
bNII > ₹10L 3,118,861 (9.98%)
sNII < ₹10L 1,559,430 (4.99%)
Retail Shares Offered 10,916,012 (34.94%)
Total Shares Offered 31,243,701 (100%)
Ceigall India IPO Documents
DRHP
RHP
ANCHOR
Ceigall India IPO Details


Ceigall India IPO is a book-built issue of ₹1252.66 crores, The total issue size is ₹1252.66 crores. The IPO of Ceigall India is priced at ₹380-401 per equity share, which has a face value of ₹5 Per Equity Share each, IPO bidding starts from Aug 1, 2024 and ends on Aug 5, 2024. The allotment for Ceigall India IPO will be finalized on Aug 6, 2024. Ceigall India IPO will be listed on BSE, NSE, with a tentative listing date fixed as Aug 8, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 37 shares, extendable to 14,837. The book-running lead manager for the IPO is/are ICICI Securities Limited, Iifl Securities Ltd, Jm Financial Limited.

The total issue ₹1252.66 crore, comprising a fresh issue of 1,70,63,640 shares ₹684.25 crore and having Offer for Sale (OFS) of 1,41,74,840 shares to mop up ₹568.41 crore.

The Ceigall India IPO sets its price band at 380-401 for each share. A single application for Ceigall India Limited IPO must contain at least 37 shares. Sentiment investors need to invest a minimum of 37 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,837

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Ceigall India IPO Subscription Analysis And Details
Retail
3.70x
QIB
31.50x
NII
14.39x
bNII
15.80x
sNII
11.56x
Total
13.74x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 6,237,721 4,678,291
3,118,861    1,559,430 		10,916,012 21,887,120
Day 1 01-08-24 05:00 PM
0.00 x 0.90
0.93 x   0.83 x 		0.80 x 0.61 x
Day 2 02-08-24 05:00 PM
0.01 x 1.75
1.70 x   1.86 x 		1.65 x 1.23 x
Day 3 05-08-24 05:00 PM
31.50 x 14.39
15.80 x   11.56 x 		3.70 x 13.74 x
Total No of Applications
11,22,027
Subscription on the basis of Applications
Retail:3.16x BHNI:3.17x SHNI:11.61x
Ceigall India Valuations
EPS Pre IPO ₹19.4/-
EPS Post IPO ₹17.5/-
P/E Pre IPO 20.67
P/E Post IPO 22.91
ROE 33.57%
ROCE 31.98%
Debt/Equity 1.17
RoNW 33.57%
PAT Margin 10.05
Price to Book Value 6.95
Ceigall India Company Financials
In Crs.
In Cr.
31-Mar-24 31-Mar-23 31-Mar-22
Assets 2,592.19 1,827.82 959.14
Revenue 3,066.19 2,087.04 1,146.50
Profit After Tax 304.91 167.70 126.43
Net Worth 906.41 593.06 431.25
Total Borrowing 1,811.02 1,252.58 652.12
About Ceigall India Company

Founded in the year 2002, Ceigall India Limited is a leading infrastructure construction company that specializes in the execution of complex structural works like elevated roads, flyovers, bridges, tunnels, highways, expressways, and runways. The Company has multiple offices across the States of Punjab, Haryana, Rajasthan, Uttar Pradesh, etc.

As of July 2024, Ceigall India Limited has completed more than 34 road and highway projects successfully, which comprises 16 EPC projects, one HAM project, five O&M projects, and 12 Item Rate Projects. At present, the company is executing 18 projects that comprise elevated corridors, metro projects, and multi-lane highways. The work in progress includes 1,488.17 lane kilometers, and under O&M, the completed work is 2,158.72 lane kilometers.

The company is awarded for excellence, with a Gold Award in National Highways Excellence Awards 2020 for Khemkaran-Amritsar Project and also awarded with Special Award in 2021 for Ramdas Gurdaspur Project along with Kartarpur Sahib Project.

The strong order book for Ceigall India Limited depicts its growth curve, which currently stands at ₹94,708.42 million as of June 30, 2024. As of March 31, 2024, the company has 2,256 permanent staff working on key infrastructure projects across the country.

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Ceigall India - Promoter(s)

Ramneek Sehgal

Ramneek Sehgal and Sons HUF

RS Family Trust

Pre Issue Share Holding : 99.99%

Post Issue Share Holding : 82.06%

Ceigall India IPO - Issue Objectives
1

Purchase of equipment

2

Repayment/ prepayment, in full or in part, of certain borrowings availed by:The Company; andThe Subsidiary, Ceigall Infra Projects Private Limited

Ceigall India IPO - Anchor Investors

Ceigall India collects Rs 375 cr from anchor investors ahead of IPO.

ICICI Prudential Mutual Fund (MF), HDFC MF, Axis MF, Bandhan MF, ICICI Prudential Life Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd and Max Life Insurance Ltd are among the anchor investors.

Additionally, Nomura, Integrated Core Strategies(Asia) PTE Ltd, Societe Generale, Morgan Stanley Asia (Singapore) PTE and Citigroup Global Markets Mauritius have been allocated shares in the anchor round.

Ceigall India IPO - Peers Comparison
Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%) P/BV Ratio Financial statements
Ceigall India Limited 19.37 19.37 57.68 N/A 33.57 N/A Consolidated
Pnc Infratech Ltd 35.45 35.45 202.11 14.75 17.54 2.59 N/A
G R Infraprojects Limited 136.9 136.87 786.27 12.6 17.4 2.19 N/A
H.g. Infra Engineering Ltd 82.64 82.64 376.71 20.43 21.94 4.48 N/A
Knr Constructions Ltd. 27.64 27.64 124.37 13.17 21.51 2.93 N/A
Itd Cementation India Ltd. 15.93 15.93 87.21 29.39 18.3 5.37 N/A
J Kumar Infraprojects Limited 43.71 43.71 349.44 19.68 12.51 2.46 N/A

Notes:

  1. The P/E Ratio has been computed based on the closing market price of the equity shares on July 12, 2024, divided by the diluted EPS of March 31, 2024.
  2. Return on Net Worth (%) = Net profit after tax, as restated / Restated net worth at the end of the year/period.
  3. NAV is computed as the net worth at the end of the year divided by the closing outstanding number of equity shares.
  4. Net worth is equity plus reserves and surplus, after giving effect to non-controlling interest. The company has no reserves created out of the revaluation of assets, write-back of depreciation, and amalgamation. For peers, only an extract of financials is available for Q4-2024; hence, this detail is not available, so no adjustments are being made to arrive at net worth for peers for March 31, 2024.
  5. Revenue is revenue from operation for the period under consideration.
  6. The peer companies are listed in Stock exchange as on the date. The companies in infrastructure construction that are not listed have not been included in the list above.
Strength
Ceigall India Limited's rapid expansion and diverse project portfolio present opportunities for sustained growth and market leadership, backed by its strong order book and proven track record in executing complex infrastructure projects.
With a focus on diversifying into new geographies, Ceigall India Limited can mitigate risks, tap into higher-margin opportunities, and capitalise on India's growing infrastructure development needs.
With over two decades of experience and a proficient management team, Ceigall India Limited's streamlined processes, cost-effective strategies, and optimal resource management strengthen its financial stability, empowering it to pursue strategic initiatives and adapt to evolving market dynamics.
Weakness
Ceigall India Limited heavily relies on contracts from government authorities, particularly NHAI, exposing it to risks of contract termination, restructuring, or renegotiation due to policy changes or project revocations, potentially impacting its business and financial performance.
Despite continuous bidding efforts, Ceigall India Limited may face challenges in winning projects due to intense competition, failure to meet qualification criteria, or delays in project tendering, affecting its revenue streams and growth prospects.
Ceigall India Limited's strategy to diversify beyond roads and highways projects carries inherent risks, including higher costs, increased competition, and operational challenges in new segments, which may hinder its ability to successfully execute projects and achieve growth targets.
Contact Details

Ceigall India

A-898, Tagore Nagar, Ludhiana - 141 001

+91 161 4623666

secretarial@ceigall.com

https://www.ceigall.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

ceigall.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html