ARSS Infrastructure IPO to hit market on Feb 8

MUMBAI: ARSS Infrastructure Projects plans to raise Rs 103-crore through its initial public offer (IPO) scheduled to hit the market on February 8.

The price-band for its IPO has been fixed at between Rs 410-450, a press release issued here on Tuesday stated.

ARSS Infrastructure Projects is engaged in the construction of roads, highways, bridges, irrigation projects, and EPC activities for railways in the country.

The company proposes to use Rs 50-crore from the IPO proceeds for investments into forming joint ventures and also for projects which have not yet been awarded to the company, the release said.

ARSS expects to generate profits by execution of projects as a result of such investments and work orders that would be received through the credentials of joint venture partners," the release said.

Proceeds of the IPO would also be used for working capital purposes.

The company clocked a revenue and PAT of Rs 628-crore and Rs 51-crore in FY 09.