The initial public offer (IPO) of Desco Infratech received bids for 11,45,12,000 shares as against 14,73,000 shares on offer. The issue was subscribed 77.74 times.
Retail investors bid for 3,47,27,000 shares, non-institutional investors bid for 6,86,85,000 shares and qualified institutional investors bid for 1,11,00,000 shares.
The issue opened for bidding on 24 March 2025, and it closed on 26 March 2025. The price band of the IPO was set at Rs 147 to Rs 150 per share. The equity shares will list on BSE's SME platform.
The IPO comprised a fresh issue of 20,50,000 shares. The promoter and promoter shareholding diluted to 58.12% from 79.29% pre-IPO.
The company intends to utilize the net proceeds for setting up a corporate office in Surat, Gujarat, purchasing machinery, meeting working capital requirements of the company, and general corporate purposes.
Ahead of the IPO, Desco Infratech on 21 March 2025, raised Rs 8.65 crore from anchor investors. The board allotted 5.77 lakh shares at Rs 150 per share to 3 anchor investors.
Desco Infratech is an infrastructure company specializing in engineering, planning, and construction, with a strong focus on city gas distribution, renewable energy, water management, and power sectors. The company is engaged in pipeline laying, installation, testing, erection, and commissioning for piped natural gas (PNG) used by both domestic and commercial consumers. The company excels in developing and constructing pipelines, roads, bridges, and other essential structures, with a particular emphasis on City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. As of 31 December 2024, the company had 234 employees.
The company recorded revenue from operations of Rs 22.63 crore and a net profit of Rs 3.38 crore for the period ended 30 September 2024.