Karbonsteel Engineering Announces ₹59 Crore IPO on BSE SME Exchange
Karbonsteel Engineering, a structural engineering and fabrication company, plans to raise ₹59 crore through an IPO on the BSE SME exchange. The offering includes 37.29 lakh equity shares priced between ₹151 and ₹159 per share. The company specializes in heavy and precision steel structures for various sectors. IPO proceeds will fund facility expansion, debt reduction, and working capital needs. The anchor portion opens for subscription on Thursday, with Seren Capital as lead manager and Maashitla Securities as registrar.
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Karbonsteel Engineering, a structural engineering and fabrication company, has unveiled plans for an initial public offering (IPO) on the BSE SME exchange. The company aims to raise ₹59.00 crore through this offering, marking a significant step in its growth strategy.
IPO Details
The IPO will involve the issuance of 37.29 lakh equity shares, with a price band set between ₹151.00 and ₹159.00 per share. Investors interested in participating can do so with a minimum lot size of 800 equity shares.
Company Profile
Karbonsteel Engineering specializes in the design, manufacture, and assembly of heavy and precision steel structures. The company's expertise extends across various sectors, including:
- Steel plants
- Refineries
- Oil & gas facilities
- Railway bridges
- Industrial infrastructure
Notably, the company boasts an RDSO-approved facility for bridge girders, underlining its capabilities in the infrastructure sector.
Utilization of Funds
The net proceeds from the IPO are earmarked for several key purposes:
- Capital expenditure for expanding the existing Umbergaon facility through new shed construction
- Debt reduction
- Meeting working capital requirements
- General corporate purposes
IPO Timeline and Management
The anchor portion of the IPO is scheduled to open for subscription on Thursday. Seren Capital has been appointed as the lead manager for this offering, while Maashitla Securities will serve as the registrar.
Market Impact
This IPO represents a significant development in the SME sector, particularly for companies specializing in structural engineering and fabrication. Karbonsteel Engineering's public listing could potentially enhance its market position and provide the necessary capital for expansion and debt reduction.
Investors and market watchers will be keenly observing this IPO, as it offers insights into the appetite for SME stocks in the current market environment, especially in the infrastructure and engineering sectors.
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