The initial public offer (IPO) of Karda Constructions
Limited, a Nasik based Karda Group Company,
engaged in construction of residential complexes and infrastructure
projects, received good investor response despite negative sentiments in the equity markets. The IPO which was opened subscription from 16 March to
21 March 2018 to raise up to Rs. 77.40 crores, was oversubscribed by 2.54 times as per NSE Data on the last day.
The issue received bids for 10908560 shares against the total issue
size of 43,00,000 shares, The QIB portion was subscribed 1.55 times
while NII (non-institutional investors) category got 3.44 times subscription.
RII (retail institutional investors) was subscribed 2.01 times.
The
issue comprises fresh issue of 23 lakh equity shares and offer for sale (OFS)
of 20 lakh equity shares by the promoters. The price band for the issue has
been fixed at Rs 175 to Rs 180 per share.
The shares of the company will list on BSE and NSE. The sole lead manager to this issue is Aryaman Financial Services Limited and Registrars to the issue is Bigshare Services Private Limited.
Company’s total income and net profit
has increased from 43 cr & 2.7cr to Rs 110 cr and 8 cr respectively since
FY2013. Total income and net profit
after tax as restated were L 4,328.65 lakhs and L 270.39 lakhs for the year
ended March 31, 2013, L 5,907.39 lakhs and L 360.55 lakhs for the year ended
March 31, 2014, L 4,653.44 lakhs and L 307.56 lakhs for the year ended March
31, 2015, L 10,593.47 lakhs and L 637.43 lakhs for the year ended March 31,
2016 and L 11,002.26 lakhs and L 803.14 lakhs for the year ended March 31,
2017, showing a CAGR of 19.57 % in profit after tax.
The Karda Group is a well-established
Nashik based group having its presence in the construction industry for more
than two decades. The group was founded by promoter Mr. Naresh Karda in year
1994. In the years following its inception the group concentrated on developing
affordable housing in the residential segment and from year 2001 onwards, the
group diversified into commercial segment. Karda Constructions Limited was
incorporated in 2007 with a view to corporatize the group’s activities in the
real estate sector. Company recently received “Mega Builder of the Year” award
from Divya Marathi.
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