Goel Construction IPO Closes with Massive Investor Response on BSE SME; Oversubscribed 124.34 times

Jaipur, September 4, 2025 – Goel Construction Company Limited’s initial public offering (IPO) concluded today with phenomenal demand from all segments, especially from the retail investor base. The IPO was oversubscribed 124.35 times, with 88.61 times in the retail investor category, 124.20 times by qualified institutional buyers (excluding anchors), and 224.80 times in the non-institutional investors segment.

The issue opened on September 2, 2025, and closed on September 4, 2025. It is scheduled to be listed on the BSE SME Platform on September 10, 2025.

Final Subscription Snapshot

The IPO received solid demand in all categories. Anchor Investors subscribed to their lot of 10,62,000 shares with ₹27.93 crore; Market Makers also subscribed to their lot of 1,90,400 shares for ₹5.01 crore. The Employees’ response was stable at 73,600 shares for 1.01 times and ₹1.96 crore.

Participants from the institutions and retailers delivered a robust response. QIBs (excluding anchors) had a 124.20 times response and applied for 8.79 crore shares against the 7,08,400 available for ₹2,313.93 crore.

Non-Institutional Investors were on fire at 224.80 times, contributing a total of ₹3,150.04 crore, with bNII’s being ₹2,622.08 crore and sNII’s being ₹527.96 crore.

Retail or Individual investors subscribed at 88.61 times, bidding for 10.99 crore shares worth ₹2,891.57 crore.

The overall subscription and response were ₹8,357.49 crore, which indicates strong confidence from investors.

Usage of IPO Proceeds

The company plans to utilise its IPO proceeds of around ₹78–79 crore primarily for business expansion and debt reduction. About ₹41.74 crore (53%) is allocated for capital expenditure to purchase new construction equipment and expand its fleet, while nearly ₹23–24 crore (30%) will go towards repayment or prepayment of borrowings. Around ₹12 crore (15%) is earmarked for general corporate purposes, with the remaining ₹1.47 crore set aside for miscellaneous expenses.

Outlook

When considering the risks presented by the SME market, investors should consider Goel Construction’s successful track record of execution in the SME construction market with a diversified portfolio and impressive demand for its IPO and market cap of ₹8,357.49 crore. The outlook remains favourable, with continued growth potential expected to persist after listing.

Incorporated in 1997 and based in Jaipur, Goel Construction Company Limited has focused on civil and structural works for industrial projects in cement, power, steel, dairy, pharmaceuticals, and institutional infrastructure. With a team of 700 professionals, Goel has completed more than 100 large projects utilising over 5,000 skilled workers.

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