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V-Marc India Ltd, a Haridwar-based wires and cables manufacturer, has fixed a price band of ₹37-39 per share for its ₹23.40-crore initial public offering (IPO), which will open for subscription on Thursday.
The issue comprises a fresh issuance of up to 60 lakh shares. The company has also raised ₹3.27 crore from high net worth investor Madhukar Sheth through a pre-IPO placement.
The company proposes to use the net proceeds to fund the capital expenditure of up to ₹15 crore for its proposed new manufacturing facility at Roorkee, a working capital requirement of up to of ₹5 crore, and balance for general corporate purposes.
The issue is lead managed by Pantomath Capital Advisors Ltd. Following the IPO, the company proposes to list the shares on National Stock Exchange’s Emerge Platform.
The company manufactures wires and cables under the brand name ‘V-MARC’ from its two facilities in Haridwar, Uttarakhand.
Also Read: Wires and cable player V-Marc files for IPO
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