Montecarlo files Rs 550-cr IPO papers with Sebi 25/05/2018

Montecarlo files Rs 550-cr IPO papers with Sebi
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Construction company Montecarlo Ltd has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 550 crore through an initial public offer, reported PTI. The IPO comprises fresh issuance of shares worth Rs 450 crore besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust, as per the draft papers. According to merchant banking sources, the initial public offer (IPO) is expected to fetch Rs 550 crore. Proceeds of the issue will be utilised towards investment in the company's projects, to meet working capital requirements and for other general corporate purposes. Edelweiss Financial Services, Axis Capital and IDFC Bank will manage the company's public issue. The Ahmedabad-based firm has more than two decades of execution experience having completed 67 EPC (engineering, procurement, construction) projects. As of December 31, 2017, they have an order book of Rs 5,300 crore. Subsequent to December 2017, the firm has been awarded 11 new infrastructure construction and development projects.

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