NBCC files its IPO prospectus

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NBCC files its IPO prospectus
Indian government owned National Building Construction Corporation (NBCC) today filed the Draft Red Herring Prospectus of its Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI).

The IPO will float 10 per cent stake of the company, and will offer 1.2 crore equity shares of face value of Rs 10 each. Around 1.2 lakh of these shares have been reserved for exclusive allotment to employees of the company. The employees will end up owning 0.1 per cent of the company after the completion of the offering.

IDBI Capital Market Services Ltd and Enam Securities Pvt limited have been appointed lead managers for this IPO. The shares will be listed at both NSE and BSE after the offering. NBCC currently functions under the Ministry of Urban Development. It is mainly into civil construction and real estate development projects.

The IPO follows the hugely successful IPO of another public sector company, Coal India Ltd. The government of India is trying to raise finances by divesting its stake in public sector undertakings.

Dion Global Solutions Ltd

Read more about: nbcc, government, ipo, sebi
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