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The scrip was listed at Rs 142.50, a premium of 90% compared with the issue price. The scrip hit a high of Rs 149.62 and a low of Rs 142.50. About 16.14 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Bondada Engineering was subscribed 106.65 times. The issue opened for bidding on 18 August 2023 and it closed on 22 August 2023. The price of the IPO was fixed at Rs 75 per share.
The IPO comprised fresh issue of 56,96,000 shares. The promoter and promoter group shareholding diluted to 63.33% from 100% pre-IPO.
The company intends to utilize the net proceeds for funding long-term working capital requirements and general corporate purposes.
Bondada Engineering is an ISO 9001:2015 certified infrastructure company that provides engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to customers in the telecom and solar energy industries throughout India. With a team of over 550 employees, Bondada Engineering offers core design and engineering services, as well as O&M services in the infrastructure space. The company specialises in passive telecom infrastructure services, including turnkey solutions for cell site construction, operation, and maintenance of telecom towers. Bond has installed over 11,600 telecom towers and poles to date. It also provides O&M services to solar energy customers, including testing, cleaning, repair, and inspection of solar panels.
The company recorded a revenue from operations of Rs 370.58 crore and net profit of Rs 18.25 crore in the year ended as on 31 March 2023.
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