The initial public offering (IPO) of Orissa based infrastructure company, ARSS Infrastructure Projects (AIPL) received bids for 86.37 lakh shares as compared to 25.12 lakh shares on offer by 16:00 IST, data on NSE showed today, 9 February 2010. The IPO was subscribed 3.44 times.

It plans to raise Rs 103 crore via this issue with a price band of Rs 410-450 per share. The issue was opened for subscription on Monday, 8 February 2010 and will close on 11 February 2010.

The company is engaged in the business of construction activities in India. It undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.

The proceeds of the issue are intended to be deployed for investment in joint ventures (at a cost of Rs 5 crore) and funding long term working capital requirement (cost of Rs 86 crore). The rest of amount will be used for issue expenses and general corporate purpose.

The company's order book position was at Rs 2877 crore as on 10 January 2010 and it had 145 projects in hand as on that date.

AIPL's revenue grew 99% to Rs 624.38 crore in FY 2009 and net profit was up by 90% to Rs 51.04 crore for the year ended 31 March 2009.