PNN
Mumbai (Maharashtra) [India], September 18: Kalana Ispat Limited specializes in manufacturing steel billets of superior quality, proposes to open its Initial Public Offering on September 19, 2024, aiming to raise Rs 32.59 Crores, with shares to be listed on the NSE Emerge platform.
The issue size is Up To 49,38,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
- Non-Institutional Investors (NII): 23,44,000 Equity Shares
- Retail Individual Investors (RII): 23,46,000 Equity Shares
- Market Maker: Up to 2,48,000 Equity Shares
The net proceeds from the Issue are set to be utilized for Capital Expenditure on the Installation of Solar Power Plant, setting up of rolling mill at Ahmedabad and General Corporate Purposes. The issue will close on September 23, 2024.
The Lead Manager to the Issue, Jawa Capital Services Private Limited, brings a wealth of experience and a deep understanding of various industries to the table. Their seasoned expertise positions them as adept navigators, capable of effectively steering through the intricacies of the issue. The Registrar to the Issue is Skyline Financial Services Private Limited.
Varghese Joseph Pottakerry, Managing Director of Kalana Ispat Limited expressed, "We take great pride in our company's evolution from a small metal scrap trading venture to a leading manufacturer of Mild Steel and Alloy Steel Billets. Since our establishment, we have continually advanced, expanding our operations and production capacities to meet the increasing needs of our customers.
With our upcoming IPO, we are prepared to strategically invest in renewable energy and enhance our production facilities, ensuring sustainable growth for the future. We look forward to the next chapter in our journey, committed to innovation and excellence as we advance towards a brighter future."
Anoop Kumar Gupta, Director of Jawa Capital Services Private Limitedsaid, "We are pleased to be part of the upcoming IPO of Kalana. As a significant player in the steel manufacturing industry, the company has demonstrated significant growth and operational excellence since its inception. The steel sector is experiencing substantial expansion, driven by increasing infrastructure projects and industrial demand, positioning the company to leverage these industry trends effectively. The company's planned investments in a solar power plant and a new rolling mill will not only boost production capabilities but also enhance sustainability.
This IPO presents a valuable opportunity to engage with a company well-positioned to capitalize on industry growth and deliver long-term benefits. We believe company's proven track record and future prospects will make this offering highly attractive."
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