Praruh Technologies Reports ₹98.28 Lakh Profit in H1, Completes ₹2,349.90 Lakh IPO
Praruh Technologies Limited announced unaudited financial results for the half-year ended September 30, reporting a profit of ₹98.28 lakhs. The company recently completed its IPO, raising ₹2,349.90 lakhs by offering 37,30,000 equity shares at ₹63 per share. Praruh Technologies listed on the BSE SME Platform on October 1. The company disclosed its planned allocation of IPO proceeds, including ₹633 lakhs for loan repayment, ₹1,100 lakhs for working capital, and ₹100 lakhs for potential acquisitions. No IPO funds were utilized before September 30 as they were received after the listing date. The Audit Committee and statutory auditors found no issues with the financial results or fund utilization plans.
*this image is generated using AI for illustrative purposes only.
Praruh Technologies Limited (BSE SME: 544538) has announced its unaudited financial results for the half-year ended September 30, revealing a profit of ₹98.28 lakhs. The company, which recently completed its Initial Public Offering (IPO), has also provided insights into its listing and fund utilization.
Financial Performance
The company's board of directors approved the unaudited financial statements for the half-year ended September 30 in a meeting held on November 14. While the exact revenue figures were not disclosed, the reported profit of ₹98.28 lakhs indicates a positive financial performance for the period.
IPO and Listing Details
Praruh Technologies successfully completed its IPO, raising a total of ₹2,349.90 lakhs. Here are the key details of the offering:
| IPO Details | Information |
|---|---|
| Total Shares Offered | 37,30,000 Equity Shares |
| Face Value | ₹10.00 per share |
| Issue Price | ₹63.00 per share (including a premium of ₹53.00) |
| Total Funds Raised | ₹2,349.90 lakhs |
| Listing Date | October 1 |
| Listing Venue | BSE SME Platform |
Fund Utilization
The company has reported that no IPO proceeds were utilized before September 30. This is because the funds were received from the escrow account after the listing date of October 1. The planned allocation of the IPO proceeds, as per the company's disclosure, is as follows:
| Purpose | Allocation (in lakhs) |
|---|---|
| Repayment of Certain Borrowings | ₹633.00 |
| Unidentified Acquisitions in India | ₹100.00 |
| Funding Working Capital Requirements | ₹1,100.00 |
| General Corporate Purposes | ₹281.70 |
| Issue Expenses | ₹235.20 |
| Total | ₹2,349.90 |
Audit Committee and Statutory Auditors' Opinion
The Audit Committee reviewed the statement of deviation or variation in the utilization of IPO funds and had no comments to make. Similarly, the statutory auditors, M/s STRG & Associates, Chartered Accountants, issued an unmodified opinion on the financial results, stating that nothing has come to their attention that causes them to believe that the financial results do not comply with applicable accounting standards and regulations.
Corporate Governance
In line with good corporate governance practices, Praruh Technologies has taken steps to strengthen its internal controls. The company is in the process of appointing M/s. Arora Prem & Associates, Chartered Accountants, as the Internal Auditors for the upcoming financial year, subject to board approval in the upcoming meeting.
Praruh Technologies' successful IPO and listing on the BSE SME platform mark a significant milestone for the company. As it moves forward with its growth plans, investors and market watchers will be keen to see how effectively the company utilizes its newly raised capital to drive future growth and profitability.
19
