BSE SME Goel Construction Company IPO ends with subscription of 115.77 times

The initial public offer (IPO) of Goel Construction Company received bids for 31,78,92,000 shares as against 27,46,000 shares on offer. The issue was subscribed 115.77 times. The issue opened for bidding on 2 September 2025 and it closed on 4 September 2025. The price of the IPO was fixed between Rs 250-263 per share. The equity shares will list on BSE’s SME platform. Qualified Institutional Buyers (QIBs) bid for 8,79,82,000 shares, Non-Institutional Investors (NIIs) for 11,99,63,600 shares, while Retail Individual Investors (RIIs) placed bids for 10,98,72,000 shares. The IPO comprised fresh issue of 30,84,400 shares and offer for sales (OFS) upto 7,23,600 shares. The promoter shareholding in the company diluted to 69.63% post- IPO from 95.99% pre-IPO. The company intends to utilize the net proceeds to purchase additional equipments and fleets, repayment or prepayment of certain outstanding borrowings availed by the company and general corporate purposes. Goel Construction Company is engaged in construction of cement plant, power plant and dairy plant and other industrial plants. As on 30th June 2025, the company has 1,191 permanent employees. The company has 14 ongoing projects across eight states in India, with an order book of Rs 596.60 crore. Ahead of the IPO, Goel Construction Company on Monday, 1 September 2025 raised Rs 27.39 crore from anchor investors. The board allotted10.62 lakh shares at Rs 263 each to 9 anchor investors. The company recorded revenue from operations of Rs 589.98 crore and net profit of Rs 38.32 crore for the period ended 31 March 2025.