News — Road construction

Road construction firm Patel Infra files for IPO Vadodara-headquartered road construction company Patel Infrastructure Ltd has filed a draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO). According to the DRHP, the company has proposed to sell fresh shares worth Rs 400 crore in the IPO. While the valuation is still to be finalised, Patel Infrastucture will dilute roughly 20-22% stake, two people in the know told VCCircle. This will value the firm at Rs 1,800-2,000 crore ($315 million), VCCircle estimates show. If listed, Patel Infrastructure...