Man Infraconstruction IPO opening on Feb 18 to Feb 22

By ENN, Ahmedabad: Man Infraconstruction Limited is entering the capital market on February 18 with an Initial Public Offering (IPO) of 5,625,150 equity shares of Rupees 10 each through a 100 per cent book building route.

Upto 225,150 equity shares of Rs 10 each will be reserved in the issue for subscription by eligible employees at the issue price. The issue less the employee reservation portion shall constitute the net issue. The issue and the net issue will constitute 11.36 per cent and 10.91 per cent of the fully diluted post issue paid-up capital of the company.

The price Band is Rs 243 to Rs 252 per quity share of Rs 10 each.

The Bid/Issue closes on february 22 2010. Out of the proceeds of the issue, an estimated Rs 12.25 crore will be utitilized for purchase of capital equipment and the balance for general corporate purpose and issue expenses.

Company Chairman Mr Parag K Shah told mediapersons that, ''The company has undertaken projects in Maharashtra, Kerala, Gujarat, West Bengal, Goa and Tamil Nadu. It provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. It has executed significant onshore port infrastructure projects. In the residential sector, it has worked with real estate developers in Mumbai and Pune.

In the commercial sector its services consist of construction of structures such as shopping mails and multiplexes, It Parks, warehouse facilites, hospitals and schools. In the Industrial sector, its srvices consist of the consturction of manufacturing facilities such as industrial factories and workshops.

In the road infrastructure sector, its provides services such as earthwork, paving sewerage, storm water drainage, electrification, landscaping and arboriculture.