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Artemis Electricals plans to raise ₹42 crore through an IPO. The company will issue 70 lakh equity shares of ₹10 each for cash in the price band of ₹55-60 a share, aggregating to ₹38.50-42 crore.
Minimum application size is fixed at 2,000 equity shares. The equity shares of AEL will be listed on the BSE’s SME platform.
The issue will be open for investment between April 24 and 30.
AEL is engaged in the business of manufacturing and trading of LED (light emitting diode) lights and LED accessories. It has a manufacturing plant at Vasai.
The company proposes to utilise the net proceeds of the issue for working capital, purchase of machinery, and general corporate purposes. The company registered revenue of ₹89 crore (₹47 crore) and net profit of ₹10 crore (₹2 crore) in FY18.
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