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Assam-based Neccon Power & Infra Ltd has filed draft papers for an Initial Public Offering (IPO) of upto 1.27 crore shares, with the company intending to use the proceeds for working capital requirements and general corporate purposes.
The price band, minimum bid size and rupee amount of the discount to the retail individual bidders will be decided later in consultation with the Book Running Lead Managers (BRLMs), according to Draft Red Herring Prospectus (DRHP) filed with SEBI.
PL Capital Markets is the BRLM and Link Intime India is the registrar to the issue.
Neccon Power & Infra engaged in the power transmission and distribution sector. It provides engineering, procurement and construction services, undertakes turnkey projects and also manufactures overhead conductors, ground wires and galvanized iron wires.
For the financial year 2018, the company posted a consolidated net profit of Rs 18.27 crore, recording an annual 26.14 per cent growth during the last three fiscals.
ENDS
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