rewrite this title and make it good for SEOGanesh Infraworld IPO sees strong subscription on Day 2 as GMP rises: Check details

The SME IPO of Ganesh Infraworld received a strong response from investors with an overall subscription of 20 times on the second day of the bidding process. The IPO will close on December 3.

The company aims to raise Rs 98.6 crore through the SME IPO — a fresh equity sale of 1.18 crore shares — and list the shares on the NSE SME platform.

The net proceeds from the public offer will be used for long- term working capital requirements and for general corporate purposes.

Ganesh Infraworld GMP

In line with the strong subscription response, the GMP jumped to 66% over the issue price from about 30% premium on the IPO opening date.

Ganesh Infraworld IPO price band

The company is offering its shares at Rs 78-83 apiece, and investors can bid for 1,600 shares in one lot.

About Ganesh Infraworld IPO

Ganesh Infraworld is a construction company offering services across industrial civil projects, residential and commercial buildings, road & railway infrastructure projects, power, and water distribution projects in India.It specialises in integrated EPC and provides services across the construction value chain, ranging from planning, to design. It is involved in mechanical, electrical, civil, and industrial construction and allied services and in the supply of materials for the execution of services.The infrastructure sector is a key driver of the Indian economy. It is highly responsible for propelling India’s overall development and enjoys intense focus from the government for initiating policies that would ensure time-bound creation of world-class infrastructure in the country. The infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development.

For the period ended August 2024, the company clocked total revenues of Rs 212 crore and net profit of Rs 15.37 crore.

Vivro Financial Services is acting as the lead manager to the issue and Link Intime India is the registrar.

The final allotment will likely be made on December 4. The company’s shares will likely get listed on December 6.

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