New Delhi, Jan 11 (PTI) Gujarat-based Narmadesh Brass Industries, a manufacturer of brass products, announced on Sunday that its Rs 44.8-crore initial public offering will open for public subscription
on the BSE’s SME platform on January 12.
The initial public offering (IPO) will conclude on January 15. The company has fixed the IPO price at Rs 515 per share, Narmadesh Brass Industries said in a statement.
The public issue is a mix of fresh issue of up to 7 lakh equity shares and an offer for sale of a little over 1.7 lakh shares, aggregating to Rs 44.87 crore.
The net proceeds from the IPO will be utilised for repayment of debt, purchase of machinery and equipment, funding working capital requirements and general corporate purposes.
“The net proceeds from the IPO will be utilised for purchasing advanced machinery and funding working capital requirements. These investments will enhance our manufacturing efficiency, expand our production capacity, and enable us to introduce new product lines to meet growing market demand,” Hitesh Dudhagara, MD of Narmadesh Brass Industries Ltd, said.
He added, “The IPO will also strengthen our foundation for sustainable growth, helping us drive greater value for our customers.” On the financial front, Narmadesh Brass Industries reported a revenue of Rs 87.72 crore and profit after tax of Rs 5.66 crore.
The company’s shares are proposed to be listed on the BSE SME platform with a tentative listing date fixed on January 20.
Aryaman Financial Services Ltd is the sole book-running lead manager for the IPO. PTI HG HVA
