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PSP Projects plans to raise ₹250 cr thru IPO next week

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MUMBAI,  4th May, 2017 (GPN) : Ahmedabad-based construction company PSP Projects is planning to raise up to ₹250 crore through an initial public offering, joining a list of infrastructure and construction firms tapping the capital markets. The company is slated to launch its IPO within the next two weeks, according to sources.

“The plan is to raise up to ₹250 crore, even though the final figure will be decided later.
PSP Projects will offload up to 10 million shares, which includes a fresh issue of up to 7.2 million shares and an offer-for-sale of 2.86 million promoter shares, according to the company’s prospectus, which was filed with the regulator in December.

Karvy Investor Services and Motilal Oswal Investment Advisors are the managers to the issue. The company will also issue shares to anchor investors, prices of which will be decided later, it added.

PSP Projects is a company providing a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India. The company, traditionally had focused on projects in Gujarat. Recently, it had diversified and started bidding for projects across the country.

Its customers include Cadila Healthcare, Care Institute of Medical Sciences, Emcure Pharmaceuticals, Kaira District Co-operative Milk Producers’ Union (Amul Dairy), Nirma, Sabarmati River Front Development Corporation, Torrent Pharmaceuticals and WTC Noida Development Company.

PSP, which has executed more than 80 projects as of March 31, had posted a net profit of ₹24.93 crore for financial year 2016. Net profit has been growing at an annual rate of 31.44 per cent from ₹8.35 crore in fiscal 2012. It’s contract income has risen to ₹454.17 crore in fiscal 2016, at an annual growth rate of 26.35 per cent during the past four years.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India. It provides services across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises. Historically, the company has focused on projects in the Gujarat region. It has completed and continues to undertake construction projects in this region. More recently, PSP Projects has geographically diversified portfolio of services and is undertaking projects pan India.

Its execution capabilities have grown significantly with time, both in terms of the size of projects that it bids for and executes, and the number of projects that it executes simultaneously. Since its incorporation in August 2008, PSP Projects has executed 80 projects as of March 31, 2017.

Promoters of PSP Projects: Prahaladbhai Shivrambhai Patel and Shilpaben Patel

PSP Projects IPO details
Subscription Dates 17 – 19 May 2017
Price Band To be updated
Fresh issue 7,200,000 shares
Offer For Sale 2,880,000 shares
Total IPO size 10,080,000 shares
Minimum bid (lot size) To be updated
Face Value  INR10 per share
Retail Allocation 35%
Listing On NSE, BSE

PSP Projects’  standalone financial performance (in INR crore)

FY2012 FY2013 FY2014 FY2015 FY2016 9M FY2017
Total revenue 180.7 260.9 214.8 286.9 467.7 249.4
Total expenses 168.3 242.7 199.4 265.7 429.1 217.6
Profit after tax 8.3 12.2 10.0 14.0 24.9 21.4

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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