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Business News/ Markets / Ipo/  KP Green Engineering files IPO papers with SEBI, to list with BSE SME
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KP Green Engineering files IPO papers with SEBI, to list with BSE SME

KP Green Engineering Limited has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an IPO on the BSE SME platform. The IPO is a fresh issue of up to 13.16 million shares and the company plans to use the proceeds to finance a new manufacturing facility.

KP Green Engineering Limited has filed a DRHP with SEBI for an IPO on the BSE SME platform. Photo: iStock (iStock)Premium
KP Green Engineering Limited has filed a DRHP with SEBI for an IPO on the BSE SME platform. Photo: iStock (iStock)

KP Green Engineering Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offer (IPO). The company's shares are proposed to be listed on BSE SME platform.

A division of the Gujarat-based KP Group, KP Green Engineering Limited produces hot-dip galvanised and manufactured steel products.

The IPO, which has a face value of 5 per equity share, is an entirely fresh issue of up to 13.16 million shares without any offer of sale (OFS) component.

The company plans to use 156.14 crore proceeds from its new offering to partially finance the establishment of a new manufacturing facility in order to increase its present production capacity, diversify its product line, and pursue general corporate goals.

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The issue is being made through the book-building process; not less than 15% of the net issue will be available for allocation to non-institutional investors, not less than 35% will be available for allocation to retail individual investors, and not more than 50% of the net issue will be available for allocation on a proportionate basis to qualified institutional buyers.

In the fiscal year FY23, KP Green Engineering had a profit of 12.40 crore, an increase from 4.54 crore the year before. FY23 saw a considerable rise in income, up 46.98% to 114.21 crore from 77.70 crore the year before. This growth was mostly attributable to higher sales of goods and services.

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The operating revenue for the nine months that concluded on December 31, 2023, was 103.93 crore, while the profit after tax was 11.27 crore.

Bigshare Services Private Limited is the issue's registrar, while Beeline Capital Advisors Private Limited is the only lead manager.

After KP Energy Ltd, which raised 6.44 crore in 2016, and KPI Global Infrastructure Ltd, which raised 39.94 crore through an initial public offering (IPO) in 2019, KP Green Engineering is the third offering from the KP Group.

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Published: 31 Jan 2024, 12:16 PM IST
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