Markets

Wires and cable player V-Marc files for IPO

Our Bureau Mumbai | Updated on February 19, 2021 Published on February 19, 2021

To utilise the proceeds for its proposed new unit at Roorkee and working capital requirements

V-Marc India Ltd, a Haridwar-based wires and cables manufacturer, has filed early paper with market regulator for an Initial Public Offering (IPO) and intends to offer up to 68.40 lakh shares.

While the firm did not disclose how much it intends to raise through the IPO, market sources pegged it at about ₹25-30 crore.

The firm may also consider a private placement of 8.40 lakh shares.

The company intends to utilise the proceeds from the issue for its proposed new manufacturing facility at Roorkee (₹15 crore), working capital requirements (₹5 crore) and balance for general corporate purposes.

The issue is lead managed by Pantomath Capital Advisors Ltd. The company proposes to list its shares on the Emerge Platform of the National Stock Exchange.

The company manufactures wires and cables under the brand name ‘V-MARC’ from its two facilities in Haridwar, Uttarakhand. In FY20, the company had a revenue from operations of ₹171.24 crore and an EBITDA of ₹1,304.95 lakh.

The wires and cables industry – comprising power cables, building wires, telecom cables, control and instrumentation cables, optical fibre cables and other cables - is projected to grow at a compounded annual growth rate of 11 per cent.

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Published on February 19, 2021
initial public offering
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