KP Green Engineering Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The shares of the company are proposed to be listed on BSE SME platform.
A division of the Gujarat-based KP Group, KP Green Engineering Limited manufactures hot-dip galvanized and fabricated steel products.
The IPO, which has a nominal value of ₹5 per equity share, is a completely fresh issue of up to 13.16 million shares without any offer for sale (OFS) component.
The company plans to use ₹156.14 crore proceeds from its new offering to partially finance the establishment of a new manufacturing facility to increase its current production capacity, diversify its product line, and address general corporate objectives.
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The thing is done through the book building process; not less than 15% of the online issue will be available for allocation to non-institutional investors, not less than 35% will be available for allocation to retail individual investors, and not more than 50% of the online issue will be available for allocation. on a pro rata basis to qualified institutional buyers.
In the fiscal year FY23, KP Green Engineering had a profit of ₹12.40 crore, an increase of ₹4.54 crore the previous year. FY23 saw a considerable increase in revenue, over 46.98%. ₹114.21 crores of ₹77.70 crore the previous year. This growth was largely attributable to higher sales of goods and services.
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The operating income for the nine months ended December 31, 2023 was ₹103.93 crore, while the profit after tax was ₹11.27 crores.
Bigshare Services Private Limited is the registrar of the issue, while Beeline Capital Advisors Private Limited is the sole lead manager.
After KP Energy Ltd, which raised ₹6.44 crore in 2016, and KPI Global Infrastructure Ltd, which raised ₹39.94 crore through an initial public offering (IPO) in 2019, KP Green Engineering is the third offering of the KP Group.
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Published: 31 Jan 2024, 12:16 IST
(tagsTo Translate)KP Green Engineering Limited