Niraj Cement Structurals IPO was subscribed 0.17 times on first day of
the issue. The IPO received bids for 5.52 lakh shares as against 32.5
lakh shares on offer.

The price band has been fixed at Rs 175 to Rs 190. The IPO is open for
subscription from 26 May 2008 to 30 May 2008. After allowing for
reservation of 3.25 lakh equity shares for eligible employees, the net
issue to the public will be 29.25 lakh equity shares. The issue would
constitute 31.42%% of the total post issue paid-up equity capital of
the company.

The company proposes to utilize the proceeds of the issue to finance
its plan for investment in capital equipment on a recurring basis,
fund long term working capital requirements and for general corporate
purposes. It intends to bid for road related infrastructure projects -
leveraging and building the specialization and pre-qualification and
thereby participating in more states and regions and gaining access to
more complex projects. It will leverage its strength in road
construction to bid for projects on BOOT and buid, operate, transfer
(BOT) basis which will enhance the core competence of the company.