The initial public offer (IPO) of Bondada Engineering received bids for 1,42,59,200 shares as against 56,96,000 shares on offer, as per BSE data as of 17:00 hours on Friday (18 August 2023). The issue was subscribed 2.5 times.

The issue opened for bidding on 18 August 2023 and it will close on 22 August 2023). The price of the IPO is fixed at Rs 75 per share. The minimum order quantity is 1,600 shares. The equity shares are proposed to be listed on the SME Platform of BSE.

The IPO comprises fresh issue of 56,96,000 shares. The promoter and promoter group shareholding will dilute to 63.33% from 100% pre-IPO.

About 2,88,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 54,08,000 equity shares. The issue and the net issue will constitute 26.37% and 25.03%, respectively, of the post issue paid up equity share capital of our company.

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.