Gammon Infrastructure Projects Limited (GIPL), a unit of construction firm Gammon India, is entering the capital market with its initial public offering (IPO) of 1.65 crore equity shares of Rs 10 each for a cash price to be determined through a 100% book building process.

The company has fixed price band between Rs 167 - 200 per equity share. The issue will open on March 10 and will close on March 13, 2008. The company is also offering part payment option.

The issue comprises a net issue of 1,48,95,000 equity shares to public (the “Net Issue”) and a reservation of 16,55,000 Equity Shares for eligible employees. The issue and the net issue will constitute 11.45% and 10.30% respectively of the post-issue paid up equity share capital of the Company.

GIPL was incorporated in 2001 and is modeled as an infrastructure development company undertaking projects on a public-private partnership basis. Presently, GIPL undertakes and develops projects such as roads, bridges, ports, hydroelectric power and biomass power projects on a PPP basis.

The issue has been graded by Credit Analysis & Research Limited as CARE IPO Grade 4 (Grade Four) indicating above average fundamentals.

The company has posted net profit of Rs 32.13 crore for the year ended March 2007 on total income of Rs 159 crore.

The Book Running Lead Managers to the Issue are IDFC-SSKI Private Limited and Macquarie India Advisory Services Private Limited.