PNN
Mumbai (Maharashtra) [India], September 20: Mangalam Alloys Limited, a leading company in the field of integrated stainless steel, special steel, and higher alloys steel production and processing, has announced its plans to go public with an Initial Public Offering (IPO) on September 21, 2023. The company is aiming to raise Rs 54.91 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size is Up to 61,26,400 equity shares and offer for sale (OFS) is Up to 7,37,600 at face value of Rs 10 each.
Equity Share Allocation
* Market Maker – Up To 3,44,000 Equity Shares
* Non-Institutional Investors (NII) – Up To 32,59,200 Equity Shares
* Retail Individual Investors (RII) – Up To 32,60,800 Equity Shares
The net proceeds from the IPO will be utilized for funding Working Capital Requirements, Capital Expenditure for business expansion and research and Development and for General Corporate Purposes. The bid closes on 25th September, 2023.
The Lead Manager to the Issue is Expert Global Consultants Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Uttamchand Chandanmal Mehta of Mangalam Alloys Limited said, "Drawing upon our extensive 30-year track record, we have successfully established a robust presence in the market and earned an excellent reputation among our valued clients.
In response to the growing industry demand, we have proactively bolstered our production capacity. What remains essential for our continued growth is a modest infusion of Capital Expenditure and Working Capital, both of which will be secured through this forthcoming IPO. This strategic move will fortify our financial foundation, positioning us for sustained future expansion and an even stronger market foothold."
Gaurav Jain, Director of Expert Global Consultants Private Limited said, “We believe that this offering will provide the company with the necessary resources to meet Growth Capital and working Capital.
We believe that Mangalam Alloys Limited has a well-defined strategy and a strong business model that is likely to yield positive results in the future.”
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor