Bondada Engineering IPO Subscribed 106.65x On Final Day: Check GMP & Other Details

Bondada Engineering IPO opened for subscription on Friday, August 18, and closes on (Tuesday, August 22). Bondada IPO price band is Rs 75 per equity share with a face value of Rs 10 each which comprises a new offering of 56,96,000 fresh equity shares for Rs 42.72 crore and no offer for sale (OFS). On the last day of bidding on August 22, the Bondada Engineering IPO was subscribed 106.65 times, with investors purchasing 60,74,99,200 equity shares against 56,96,000 shares offered.

The category for Qualified Institutional Buyers received 2.45 crore shares, with Foreign Institutional Investors (FIIs) making up 40.62 lakh shares and Domestic Financial Institutions (Banks/Financial Institutions (FIs)/Insurance Companies) adding 1.78 lakh shares. According to stock exchange data, the Non-Institutional Investors category received 31.24 crore shares, Corporates received 1.83 crore shares, Individuals received 25.93 crore shares, and Retail received 27.05 crore shares at a fixed price issue of Rs 75.

Bondada Engineering IPO latest GMP today is Rs 43 as of Aug 23rd 2023 07:00 AM as per the market watchers. At the upper-end price band of Rs 75.00, the estimated listing price for the Bondada Engineering SME IPO is Rs 118 (upper end of price band + today's GMP). As a result, Bondada Engineering is expected to debut on D-Street on Wednesday, August 30, 2023, at a hefty premium of 57.33% over the issue price.

Vivro Financial Services Private Limited is the sole book-running lead manager and KFin Technologies Limited is the Registrar of the offer. The equity shares are proposed to be launched on BSE Limited's SME Platform (BSE SME) on Wednesday, August 30, 2023. According to the company's Red Herring Prospectus (RHP), the fresh issue proceeds of Rs 35 crore would be used for long-term working capital requirements, with the balance of Rs 5.41 crore for general corporate purposes.

In the fiscal year FY23, the company experienced a profit of Rs 18.25 crore, up from Rs 10.13 crore in FY22. Revenue climbed considerably during FY23 to Rs 370.59 crore from Rs 334.11 crore the previous year, an increase of 9.84%, mostly owing to an increase in income from EPC services as a result of increasing projects undertaken in the solar industry.

Bondada Engineering is a prominent provider of infrastructure core design, engineering, and operations and maintenance services. Turnkey solutions for cell site building, telecom tower management and maintenance, optical fiber cable laying, power equipment supply, and other services are available from the company. During Fiscal 2023, the company produced 34,945 telecom towers (GBT, Poles, RTT, and RTP) and offered EPC services to over 1,100 towers throughout India including the installation of 1,370.38 route kilometers ("RKM") of OFC network for major Telecom operators