Z-Tech India, a company that provides civil engineering services and specialised Geotechnical solutions for infrastructure, has planned to raise ₹37 crore through initial public offering (IPO) on NSE Emerge.

The company will offer 33.91 lakh shares in a price band of ₹104-110 a piece and the issue will open for subscription on Wednesday. Investors can bid for a minimum of 1,200 equity shares. and in multiples of 1,200 thereafter.

The Delhi-based company develops sustainable theme park, chemical recovery by treating water from industrial waste and geo technical Specialised Solutions in infrastructure and civil construction projects.

Of the net proceeds of the IPO, it will use ₹24 crore for working capital and the rest for general corporate purposes.

The company has developed six theme parks Delhi NCR and Uttar Pradesh in partnership with the local municipal bodies. It provides recreation and play activities in the theme park and charges an entry fee of an average ₹100 per person.

The company is in the process of developing a theme park based on “fast forward sports” which will reduce the number of players, size of the ground and playing time in pickleball, basket ball, football and golf.

Sunil Ghorawat, Chief Business Officer, Z-Tech said since the theme parks are in joint venture with municipal corporation, the company gets allotted existing parks within the city limits and get to use the waste material accumulated by the corporation to beautify the park.

The demand is growing across states as the municipal corporation gets better rating if it provides entertainment zone at affordable cost, he said

In the chemical recovery business, he added the company recovers the chemical from waste water and sells both the water and chemical back to make profit.

Unlike theme parks which require an investment of ₹500 crore, the company is able to do it will investment of just ₹10 crore since it is reusing the waste metal and land is provided by the government. It is working on 10 new theme parks and has over 45 ongoing projects in hand.