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Karbonsteel Engg raises nearly Rs 17 cr from anchor investors; IPO opens Monday
Karbonsteel Engg raises nearly Rs 17 cr from anchor investors; IPO opens Monday
New Delhi, Sep 7 (PTI) Engineering solutions provider Karbonsteel Engineering has mobilised nearly Rs 17 crore from anchor investors, ahead of its IPO which will open for subscription on September 8.
Subhkam Ventures I, Vikasa India EIF I Fund, Nav Capital VCC, Aarth AIF Growth Fund, Nova Global Opportunities, Evergrow Capital Opportunities Fund, Sunrise Investment Trust, and Invicta Continuum Fund I, among others, were the entities that participated in the anchor round, according to a circular uploaded on the BSE website.
As per the circular, Karbonsteel Engineering has allotted a little over 10.6 lakh equity shares to 10 entities at Rs 159 per share. This aggregates the transaction size to Rs 16.86 crore.
The Rs 59.30-crore initial public offering (IPO) will conclude on September 11. The company has fixed the price band at Rs 151-159 per share.
The IPO is a mix of fresh issue of 30.39 lakh shares aggregating to Rs 48.33 crore and an offer for sale of 6.9 lakh shares amounting to Rs 10.97 crore.
Proceeds from the IPO will be utilised for funding capital expenditure towards the expansion of the existing Umbergaon facility through the construction of new sheds, repayment of debt, meeting working capital requirements, and general corporate purposes.
“The IPO proceeds will improve the efficiency, strengthen our financial position, and enable us to take on larger projects, thereby accelerating growth and creating long-term value for the company," Shrenik Kirit Shah, Chairman & MD of Karbonsteel Engineering, said.
Incorporated in 2011, Mumbai-based Karbonsteel Engineering provides structural engineering and fabrication solutions for steel plants, railway bridges, oil & gas plants, and other industries.
On the financial front, the company reported a revenue of Rs 273.05 crore and a profit after tax of Rs 14.16 crore in FY25.
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The company's shares are proposed to be listed on the BSE's SME website.
Seren Capital is the sole book running lead manager while Maashitla Securities is the registrar of the issue. PTI HG HVA
Source: News18
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