Man Infraconstruction IPO subscribed 6.87 times

Gets bids for 3.19 crore shares as compared with 56.25 lakh shares on offer

Man Infraconstruction initial public offer (IPO) was subscribed 6.87 times, NSE data showed. The IPO got bids for 3.19 crore shares as compared with 56.25 lakh shares on offer

The company's IPO comprises of 56.25 lakh shares which includes 9.72 lakh shares reserved for anchor investors. The price band is Rs 243 to Rs 252 per equity share. The IPO remains open for bidding between 18 and 22 February 2010.

The company has already received commitment of Rs 24.50 crore from anchor investors, who subscribed for 9.72 lakh equity shares at Rs 252 per equity share, at higher end of the price band of Rs 243-252. The anchor investors include Nomura Asset Management Singapore, Reliance Mutual Fund, Legg Mason Asian Enterprise Trust, Monsoon India Inflection Fund, Axis Mutual Fund and India Diversified (Mauritius).

Man Infraconstruction would raise Rs 142 crore at the upper-end of the price band and Rs 137 crore at the lower band. The company plans to utilise the IPO proceeds to purchase capital equipment and for general corporate purposes.

Man Infraconstruction provides construction services for port infrastructure as also residential, commercial and road projects.

The company's consolidated revenues surged 151.77% to Rs 594.2 crore and net profit rose 156.25% to Rs 82 crore in the year ended March 2009 over the year ended March 2008.