Krishca Strapping Solutions, one of the leading manufacturers of high tensile steel straps, seals and tools, plans to raise ₹18 crore through an initial public offer which opens on May 16. The IPO closes on May 19.
A total of 33.20 lakh equity shares of ₹10 each will be issued, with 10.58 lakh shares reserved for retail investors and 3 lakh for market maker. Of the net proceeds from the IPO, the company will use ₹12 crore to fund capital expenditure for setting up a new strapping line and ₹4 crore to repay certain secured borrowing.
Lenin Krishnamoorthy Balamanikandan, Chairman and Managing Director, Krishca Strapping Solutions, said: “We intend to grab major market share in the domestic market and enhance our presence in the export market with increased capacity and entry into packing contracts.”
Share India Capital Services is the lead manager and Purva Sharegistry India will be the registrar to the issue. The company will list on NSE Emerge platform.