Active Stocks
Wed Jun 12 2024 15:59:40
  1. Tata Steel share price
  2. 182.25 0.50%
  1. Tata Motors share price
  2. 988.60 0.15%
  1. Power Grid Corporation Of India share price
  2. 324.60 2.54%
  1. NTPC share price
  2. 371.35 1.02%
  1. State Bank Of India share price
  2. 839.15 0.47%
Business News/ Markets / Ipo/  Konstelec Engineers aims to raise 25 crore through SME IPO; to list on NSE Emerge

Konstelec Engineers aims to raise ₹25 crore through SME IPO; to list on NSE Emerge

Konstelec Engineers, a leading provider of electrical engineering services in India, aims to raise ₹25 crores through an SME IPO. The funds will be used for working capital and long-term projects. The company has filed its draft red herring prospectus with SEBI.

Konstelec Engineers Ltd plans to raise ₹25 crores through an IPO scheduled for January. The company has already filed its draft red herring prospectus with SEBI. Photo: iStockphotoPremium
Konstelec Engineers Ltd plans to raise 25 crores through an IPO scheduled for January. The company has already filed its draft red herring prospectus with SEBI. Photo: iStockphoto

Konstelec Engineers Ltd intends to raise about 25 crores through an Initial Public Offering (IPO), the company said in a statement released today. In order to be listed on NSE Emerge, the company has already filed its draft red herring prospectus (DRHP) to Securities and Exchange Board of India (SEBI), the capital market regulator.

With its headquarters located in Mumbai, Konstelec Engineers is the top provider of electrical engineering, procurement, and construction (EPC) services in India. The small- and medium-sized business (SME) IPO is scheduled for January of this year.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Also Read: Kaushalya Logistics share price debuts with 33% premium at 100 on NSE SME

The SME IPO consists of a fresh offering of up to 41 lakh equity shares at book-build price, each having a face value of 10.

The majority of the proceeds raised will go towards working capital, high-quality product acquisition for long-term projects, and collateral security; the remaining funds will be utilised for general corporate purposes and public-issue expenses.

Also Read: Unicommerce files DRHP with SEBI to sell 28.9 million shares

The issue's registrar is Skyline Financial Services Private Ltd, and the book running lead manager is Beeline Capital Advisors Private Ltd.

Konstelec Engineers's revenue from operations increased to 153.40 crore in FY2022-23, from 107.05 crore in FY2021-22. The company's EBITDA increased to 14.15 crore in FY2022-23 from 5.84 crore in FY2021-22. Konstelec Engineers reported a profit (PAT) increase of more than two times, to 7.78 crore in FY2022-23, up from 3.52 crore in FY2021-22, as per the DRHP.

Also Read: Jyoti CNC Automation IPO opens next week. GMP, price, other details of upcoming IPO

As clients, the company counts Reliance Industries Limited, Engineers India Limited, JSW Steel, Indian Oil, BPCL, HPCL, CPCL, MRPL, ISRO, ACC, BARC, Dangote Industries, Adani, NTPC, Tata Steel, Navin Fluorine International, and IGPL among other top corporate conglomerates.

“Our combined experience of over six decades in this space, combined with the expertise of our exceptionally professional team, has driven our business beyond boundaries. Our robust order book and long-standing client relationships demonstrate our commitment to delivering high-quality, safe, and innovative solutions. We intend to use the proceeds from the IPO to meet working capital requirements for our long-term projects and efficiently carry on our operations in India and abroad," said Biharilal Ravilal Shah, Chairman-cum-Managing Director of Konstelec Engineers Limited, in reference to the company's plan for going public.

Also Read: BLS E-Services raises 13.75 crore in pre-IPO phase. Revises issue size of upcoming IPO

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 Jan 2024, 02:07 PM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started