Jash Engineering, one of the leading manufacturers of water and sewage treatment equipment, plans to raise Rs 58 crore through an IPO on NSE Emerge, the SME platform of NSE.
The company's products are approved by major municipal xorporations, sewerage boards, consultants and large Engineering, Procurement and Construction companies in India and over 25 other countries such as the US, the UK, West Asia, Hong Kong, Singapore and Malaysia.
The company boasts of clients such as NTPC, BHEL, L&T and SAIL and has four modern manufacturing facilities in Central India.
The issue opens on September 28 and closes on October 3. The company will issue 40 lakh shares through the IPO in a price band of Rs 115 to Rs 120 per share. Of this, fresh share issue would account for 22.60 lakh and 17.40 lakh shares would be from 'offer for sale'.
Of the Rs 58-crore IPO, the company will use Rs 23 crore for capital expenditure and working capital purposes and Rs 4 crore for general corporate purposes and Rs 31 crore offer for sale.
L. D. Amin, Chairman, said through a series of acquisitions and technical joint ventures, the company has created a strong revenue growth in the international market, including 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 Rs 161 crore last fiscal.