Tue Dec 03 07:52:34 UTC 2024: ## Ganesh Infraworld IPO Oversubscribed on Day 2

**Mumbai, Dec 1, 2023** – The initial public offering (IPO) of Ganesh Infraworld Limited, a construction company offering comprehensive EPC services across India, has been significantly oversubscribed just two days into its offering period. The IPO, which opened on November 29th and closes on December 3rd, is priced between ₹78 and ₹83 per share.

As of 16:28 IST on Day 2, the IPO has received bids for 16,11,47,200 shares, against the 74,86,400 shares on offer—a staggering 21.53 times oversubscription. Retail investors have shown particularly strong interest, with the retail portion subscribed 33.02 times. The Non-Institutional Investors (NII) portion is subscribed 18.72 times, while Qualified Institutional Buyers (QIB) have subscribed 3.51 times. Day 1 saw a 1.50 times oversubscription.

Founded in 2017, Ganesh Infraworld operates across several Indian states, undertaking projects in various sectors including industrial, civil, residential, commercial, road, rail, power, and water infrastructure. The company’s revenue grew by 116% and profit after tax (PAT) increased by 198% between FY23 and FY24. The IPO, worth ₹98.58 crore, involves a fresh issue of equity shares and will primarily fund long-term working capital requirements and general corporate purposes.

The grey market premium (GMP) currently stands at ₹50, suggesting a potential listing price of around ₹133, significantly higher than the upper end of the IPO price band. However, investors are cautioned to exercise prudence and consult with financial advisors before making investment decisions. Vivro Financial Services Private Limited is the book running lead manager, Link Intime India Private Limited is the registrar, and Rikhav Securities is the market maker.

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