Sources mentioned the corporate is wanting to increase a couple of complete of Rs 25- 30 crore. It is contemplating a non-public placement of 8,40,000 fairness shares, topic to consideration and session of the Book Running Lead Manager.
The firm intends to utilise the proceeds from the difficulty to fund capital expenditure for its proposed manufacturing facility at Roorkee, which can price Rs 15 crore. Besides, it could be utilizing Rs 5 crore for working capital necessities and the stability for normal company functions.
The firm has an working historical past of round 15 years. It manufactures and markets BIS- and CE-certified wires and cables beneath the model title ‘V-MARC’.
It has two manufacturing amenities in Haridwar, Uttarakhand. The firm sells merchandise by means of a diversified gross sales & distribution combine, majorly by securing authorities tenders for provide to authorities tasks and provide to
contractors for turnkey tasks. The firm has a supplier & distribution community of greater than 650 sellers and with direct gross sales to few non-public corporations.
In FY 20 the corporate reported Rs 171.24 crore in income from operations and an EBitda of Rs 13.04 crore and revenue after tax of Rs 4.64 crore.
The IPO is being managed by Pantomath Capital Advisors.