The initial public offer (IPO) of Karda Constructions received bids for 42.27 lakh shares on the first day of bidding today, 16 March 2018, as against 43 lakh shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue has been subscribed 0.98 times.

The issue comprises fresh issue of 23 lakh equity shares as well as offer for sale (OFS) by the promoters. The price band for the issue has been fixed at Rs 175 to Rs 180 per share. The issue closes on Wednesday, 21 March 2018.

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.