PNN
Mumbai (Maharashtra) [India], December 19: Supreme Power Equipment Limited (SPEL), a distinguished player in the power and distribution transformer manufacturing industry, has announced its plans to go public with an Initial Public Offering on 21st December, 2023. The company is aiming to raise Rs 46.67 Crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform.
The issue size is Up to 71,80,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 18,70,000 Equity Shares
* Qualified Institutional Buyers (QIB) - Up To 12,50,000 Equity Shares
* Non-Institutional Investors (NII) - Up To 9,40,000 Equity Shares
* Retail Individual Investors (RII) - Up To 21,88,000 Equity Shares
* Market Maker - 9,32,000 Equity Shares
The net proceeds from the IPO will be utilized for capital expenditure requirements, working capital needs, and general corporate expenses. The bidding for the Anchor portion will open on 20th December 2023 and the issue closes on 26th November 2023.
The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited. The Registrar to the Issue is Purva Share registry Private Limited.
Vee Rajmohan, Chairman And Managing Director of Supreme Power Equipment Limited said, "This IPO marks a significant milestone for us, and we are enthusiastic about the opportunities and growth that lies ahead. With over 29 years in the industry, we have proudly positioned ourselves asone of the leading manufacturer of power and distribution transformers in Tamil Nadu. This forthcoming step is a testament to our unwavering commitment to innovation and reliability.
The net proceeds will be directed towards fulfilling our working capital requirements, funding capital expenditures, and managing general corporate expenses. We look forward to continued success in the transformer industry."
Vipin Aggarwal, Director of Narnolia Financial Services Limited said, "We are pleased to be part of this milestone journey with Supreme Power Equipment Limited. As a distinguished player in the power and distribution transformer manufacturing industry, Supreme Power Equipment Limited showcases resilience and unmatched expertise. Their commitment to quality and innovation positions them as a leader in the field. As we embark on this collaborative journey, we look forward to contributing to their success and supporting their business growth."
(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