Markolines Traffic Controls IPO to open next week. Details here1 min read . Updated: 10 Sep 2021, 12:26 PM IST
- Markolines IPO's majority of the net proceeds to be used to strengthen the capital base of the company and working capital requirements
Markoline Traffic controls limited a leading highway operation and maintenance servicing providing company plans to open its initial public offering (IPO) to start on September 15 and the three-day issue will close on September 20.
The company plans to use majority of the net proceeds of the issue to strengthen the capital base of the company and will be utilized for working capital requirements.
According to the prospectus filed with BSE, 51,28,000 equity shares are offered at a price of Rs. 78.00 per Equity Share (including premium of ₹68.00 per Equity Share) aggregating to Rs. 3,999.84 Lakh. Out of the total shares 24,35,200 equity shares has been reserved for each retail individual investors and non-institutional investors. Gretex Corporate Services Limited is the Lead Manager of the Issue.
Markoline Traffic Controls limited commenced its business operations in 2002, initially started with road marking and later in 2009 envisaged and ventured the business opportunity of operation and maintenance of highway projects. Post Issue with the enhanced capital, the company expects sustainable growth, and enhancing the visibility among their existing and potential customers.
The company’s principal business operations are broadly divided into two categories: Highway Operations which includes services like Toll operations, Route Patrolling and Incident management and highway maintenance which includes services like routine maintenance, preventive maintenance and major maintenance & repairs (MMR).
Sanjay B Patil, CMD of Markoline Traffic Controls Limited said “The big players or developers of highways did not want to diversify from their core business, we found a new business sector of helping them in Highway operations and maintenance. India has the second-largest road network in the world, spanning a total of 6.21 million kilometers (km) and still growing every day. With the huge market potential and being present in the market with performance and high credentials, Markolines certainly have the advantage for sustainable growth in coming years."
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