Mumbai-based modular furniture player, Milestone Furniture Ltd (MFL) plans to raise ₹14.84 crore through SME IPO of 32,97,000 equity shares. The company plans to utilize the proceeds from the IPO for setting up manufacturing facility in Mumbai at the cost of ₹9.06 crore, while the remaining proceeds will be used for working capital and general corporate purposes.

The company shares have a face value of ₹10 each at a fixed price of ₹45 per share, and will be listed on the BSE SME platform.

The issue opens for subscription on May 7, 2018 and closes on May 11, 2018. The minimum application will be made for a lot size of 3,000 retail shares. The issue comprises 35.46 per cent of the post-issue paid-up capital of the company.

MFL plans to set up its manufacturing facility in MIDC Murbad, Thane Maharashtra for manufacturing wide range of modular furniture.

Digambar Sudam Songhare, promoter of the company, said, “We currently design and supply interiors and modular furniture in education, healthcare and corporate organisations through our diverse projects.” The company already has a fully equipped factory and warehouse in Mumbai.

Currently, the two promoters hold 64.54 per cent equity shares of the post issued paid-up equity share capital of the company. The promoter and the promoter group would continue to hold the majority of the post-issue paid-up Equity Share Capital of the Company.

Ahmedabad-based Monarch Networth Capital Ltd is the lead manager to the issue and Karvy Computershare Private Limited Ltd is the registrar.

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