Niraj Cement Structurals has filed its DRHP with SEBI on 6th August 2007 for a public issue of 32.50 lakh equity shares of Rs.10 each at a price to be determined later. The BRLM to issue is Allbank Finance and it is to be listed on the BSE and NSE.
An engineering and contracting company, with main focus on building roads, it was formed with the main objective to meet the large requirement of upcoming state of art facilities being created in New Bombay like Vashi railway station etc. It built the front and rear court developments of railway stations at Juinagar, Nerul, Vashi, Turbhe, Sanpada, Belapur, Kharghar, khandeshwar, Panvel and Airoli.
The company, as on today, is in the process of construction of a major stretch of National Highway No.60, a part of Prestigious Golden Quadrilateral Project. The company enters into sub-contracting assignments primarily through a competitive bidding process. The company has various other prestigious projects on hand.
Till date the company has completed two major projects, in joint venture with MSRDC. First is the Bandra Worli sea link project, wherein it was responsible for construction of solid approach road from end of improved Mahim flyover upto start of toll plaza. Second is the road construction of Mumbai - Pune Expressway Part Kno to Kalamboli. It also completed construction of the apron flooring at Air India hangar
As on 31/03/07, the company posted a total revenue of Rs.79.17 crores, on which it posted a net profit of Rs.6.37 crore. Its equity currently stands at Rs.7.09 crore and post issue it will go up to Rs.10.34 crore.
The main object of the issue is to fund Rs.20.95 crore towards investment in capital equipment and Rs.18.17 crore for funding the long term capital requirement. The entire requirement of the funds is proposed to be met through the IPO.