Ceigall India focused on specialized infrastructure projects, made a subdued debut on the stock exchanges, listing at Rs. 419 per share. This represents a modest 4% gain over its issue price of Rs. 401. While the IPO received a respectable subscription of 14 times, the actual listing performance fell short of initial expectations, likely influenced by the prevailing market conditions.The company's strong focus on specialized infrastructure projects and efficient execution model remain its key strengths. However, the moderate listing highlights the challenges posed by significant contingent liabilities, reliance on government contracts, and intense competition.Ceigall India's long-term prospects, despite the muted listing, hinge on its ability to effectively manage these challenges and capitalize on its core competencies. Investors are suggested to hold their position by keeping a stop loss of 378.