Retail purchasers and high net worth individuals (HNIs) exhibited enormous demand by bidding 100.05 and 115.56 times the allotted quantity, respectively.

The provider of passive telecom infrastructure services plans to raise Rs 42.72 crore through the initial public offering of 56.96 million shares, which will be the company’s first-ever public offering.

The proceeds from the new issue will be used to fund long-term working capital needs totaling Rs 35 crore, with the remaining Rs 5.41 crore being used for general corporate purposes.

It was a fixed-price offering, with a per-share price of Rs 75.

Bondada Engineering, the infrastructure company, offers engineering, procurement, and construction (EPC) and operations & maintenance services to pan-Indian clients in the telecom and solar energy industries. To date, it has installed more than 11,600 telecom antennae and poles, of which more than 7,700 were installed during the past three fiscal years.

The company stated that it has recently received a work order from a public sector entity for the supply and installation of infrastructure items for 1,160 new tower sites and subsequent IaaSP (infrastructure as a service provider) and O&M services for 1,238 tower sites (including 78 existing sites) for five years. For unconnected villages in Karnataka, Kerala, Tamil Nadu, Pondicherry, and Telangana as part of the 4G Saturation Project, the aforementioned order may be extended for an additional five years.

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It has installed solar power facilities with a cumulative capacity of over 198 MW in the solar energy industry as of March 2023. The estimated value of the total aggregate order book for solar EPC services was Rs 102.34 crore.

The 30th of August will mark the listing of equity shares on the BSE SME platform.

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