The initial public offer (IPO) of Karda Constructions received bids for 60.88 lakh shares on the third day of bidding today, 20 March 2018, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 1.42 times. The price band for the issue is Rs 175 to Rs 180 per share. The issue closes on Wednesday, 21 March 2018.

The issue comprises fresh issue of 23 lakh equity shares as well as offer for sale (OFS) by the promoters.

The company intends to utilize the proceeds from fresh issue towards part repayment of overdraft facilities, part repayment of term loans, general corporate purpose and to meet issue related expenses.

Karda Constructions reported a net profit of Rs 5.52 crore on sales of Rs 40.35 crore in the six months ended September 2017.

Karda Constrictions, promoted by Naresh Karda, is engaged in the business of real estate development in the city of Nashik, Maharashtra.