Strong Bidding Momentum Marks Opening Day of Goel Construction IPO; Oversubscribed by 2.58 Times​

Jaipur, September 2, 2025 – The first day of the Goel Construction Company IPO saw a robust participation from investors across different categories. The issue is already oversubscribed by 2.58 times, with the individual investors category getting 2.42 times subscription at the end of day one of the issue.

For the unversed, the issue will aggregate ₹99 crore for the company and will close on September 4, with the listing scheduled for September 10, 2025.

Subscription Snapshot

The QIB (Ex Anchor) portion led with 3.50x subscription (24.82 lakh shares bid), while retail investors subscribed 2.42x (29.98 lakh shares bid). The NII segment saw 2.01x bids, with bNII at 4.40x. Anchor investors fully subscribed to their allocation of 10.62 lakh shares. Employees’ participation was muted at 0.54x. In total, 65.89 lakh shares were bid against 25.55 lakh offered, raising ₹173.3 crore through 4,144 applications.

Details of the Issue

Goel Construction IPO is open for subscription from September 2–4, 2025, with listing scheduled on September 10, 2025. The price band is set at ₹249–₹262 per share with a lot size of 400 shares. The total issue size is ₹99 crore, comprising a fresh issue of 30.84 lakh shares and an offer for sale of 7.23 lakh shares.

Srujan Alpha Capital Advisors LLP is the lead manager, while MUFG Intime India Pvt Ltd acts as the registrar.

Highlights of the Day

Retail investors were a significant force, accounting for nearly 30 lakh bids. The QIBs showed early confidence, and the price band of ₹249-₹262 per share attracted considerable interest, especially at the upper levels.

Incorporated in 1997 and headquartered in Jaipur, Goel Construction Company Limited is engaged in large-scale civil and structural works for industrial sectors including cement, power, steel, dairy, pharmaceuticals, and institutional infrastructure. The company has delivered over 100 major projects with a workforce comprising 700 professionals and around 5,000 skilled workers.

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