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Jash Engineering, a leading manufacturer of water and sewage treatment equipment, plans to raise ₹58 crore through an initial public offering (IPO) on the NSE Emerge, the SME platform of the NSE.
The company’s products are approved by major municipal corporations, sewerage boards, consultants and large engineering, procurement and construction (EPC) companies in India and over 25 other countries such as the US, the UK, West Asia, Hong Kong, Singapore and Malaysia.
The company boasts clients such as NTPC, BHEL, L&T and SAIL and has four modern manufacturing facilities in Central India.
The issue opened on Thursday and will close on October 3. The company will issue 40 lakh shares through the IPO in a price band of ₹115-120 a share. The IPO would comprise a fresh issue of 22.60 lakh shares and an offer-for-sale of 17.40 lakh shares.
Out of the ₹58-crore IPO, the company will use ₹23 crore for capital expenditure and working capital purposes and ₹4 crore for general corporate purposes; ₹31 crore would be mopped up through the OFS.
Systematix Corporate Services is the merchant banker of the issue. LD Amin, Chairman, said through a series of acquisitions and technical joint ventures, the company has created a strong revenue growth in the international market such as West Asia and the US and has transformed Jash into a global player in water control gates, screens and valves industry.
The company registered revenue of ₹161 crore last fiscal.
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