The Ahmedabad-based construction firm PSP Projects will launch its IPO tomorrow, May 17, and subscriptions will close on May 19. The price band per equity share is set at Rs 205-Rs 210. The company says it intends to use funds raised from the IPO for capital expenditure and working capital requirements. 

While the company has a good track record with a strong base of clients such as Cadila Healthcare, Torrent Pharma and others, analysts from HDFC Securities and ICICI Securities have noted that the company's operations are concentrated in one state, Gujarat. The firm has also seen negative cash flows in recent periods despite its strong order book. There is also according to analysts, pending litigation against the firm.