Transrail Lighting files DRHP with SEBI to raise ₹450 crore via IPO; check details

Transrail Lighting IPO: The proposed share sale is a combination of a fresh issue of equity shares worth 450 crore and an offer for sale (OFS) of over one crore equity shares

Livemint
Published14 Mar 2024, 07:51 PM IST
Transrail may consider a pre-IPO placement for  <span class='webrupee'>₹</span>50 crore. Photo: iStock
Transrail may consider a pre-IPO placement for ₹50 crore. Photo: iStock

Transrail Lighting Ltd has filed its preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise almost 450 crore in funds through an initial public offering (IPO). 

According to the draft red herring prospectus (DRHP) filed the company, the proposed share sale is a combination of a fresh issue of equity shares worth 450 crore and an offer for sale (OFS) of over one crore equity shares by the promoter Ajanma Holdings Private Limited. The company plans to raise fund by offering equity shares of face value 2 each through the issue. 

Also Read: Royal Sense IPO: Issue subscribed 8.52 times on day 3, NIIs bid highest; check GMP and other details

Currently, the promoters hold over 86 per cent stake in the Mumbai-based company. Transrail Lighting may consider a pre-IPO placement for 50 crore. If such a placement is undertaken, the fresh issue size will be reduced. 

The proceeds from the fresh issue to the tune of 250 crore will be used to fund incremental working capital requirements, 90.90 crore will go towards to support capital expenditure, and the balance amount for general corporate purposes.

Inga Ventures Private Limited, Axis Capital, HDFC Bank, and IDBI Capital Markets & Securities are the book-running lead managers that will advise the company on the issue. 

Transrail Lighting is one of the leading Indian Engineering, Procurement, and Construction (EPC) companies with a primary focus on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. The company reported the highest growth in its revenue from operations at 35.1 per cent among its peers in Financial Year ended March 31, 2023.

The company has a footprint in more than 58 countries like Bangladesh, Kenya, Tanzania, Niger, Nigeria, Mali, Cameroon, Finland, Poland, Nicaragua etc. including turnkey EPCs or supply projects. As of September 30, 2023, the company has undertaken EPC of 33,500 circuit kilometers (CKM) transmission lines and 30,000 CKM distribution lines, domestically and internationally.

Transrail Lighting provides EPC services in relation to substations up to 765 kilovolts. The company has presence in all the power transmission and distribution segments and majorly in high voltage and extra high voltage segments. Other than the power transmission business, Transrail Lighting also has other business verticals, such as, civil construction, poles and lighting, and railways. 

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First Published:14 Mar 2024, 07:51 PM IST
HomeMarketsIPOTransrail Lighting files DRHP with SEBI to raise ₹450 crore via IPO; check details

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