PSP Projects files IPO daft papers with Sebi

New Delhi: Construction firm PSP Projects on Thursday said it has filed draft papers with markets regulator Sebi to float an initial public offering.

The public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.80 lakh units by the existing shareholders, PSP Projects said in a statement.

Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes.

Equity shares will have a face value of Rs 10 each and the final price band will be decided in consultation with the Book Running Lead Managers (BRLMs).

Karvy Investor Services and Motilal Oswal Investment Advisors Private will manage the company's maiden public offer.

The Ahmedabad-based firm is a multi disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities.

Historically, it has focused on projects in the Gujarat region. More recently, the firm geographically diversified their portfolio of services and is undertaking or has bid for projects pan India.