ARSS Infrastructure to list on 3 March 2010

The IPO was priced at Rs 450 per share

Shares of construction and engineering firm ARSS Infrastructure Projects will be listed on the stock exchanges on 3 March 2010. The company had raised Rs 113.04 crore through the recently concluded initial public offer (IPO) which was subscribed 47.62 times. The company had fixed issue price at the top end of the Rs 410 to Rs 450 price band.

Foreign institutional investors (FIIs) put in bids for 4.48 crore shares compared with 15.07 lakh shares reserved for the qualified institutional buyers (QIB) category as a whole. The non-institutional investors segment, comprising of high networth individuals and corporates was bid a staggering 124.5 times. The retail investors' segment was bid 18.5 times. The company had set the Rs 410 to Rs 450 per share as price band for the IPO which remained open for bidding between 8 and 11 February 2010.

The company will use the issue proceeds for investment in joint ventures and funding long term working capital requirement.

ARSS Infrastructure Projects (AIPL) provides construction services for railway infrastructure, roads & highways and irrigation projects. The company has successfully executed over 86 projects involving construction of over 200 km of railway tracks. Besides rail projects, AIPL is also into construction of roads and highways and irrigation projects.

Railway projects account for 41% of AIPL's unexecuted order book of Rs 2877.53 crore (as on 10 January 2010). Road projects account for 41% and 3% of the order backlog comprises irrigation projects.