Parth Electricals & Engineering raises Rs 13.8 cr from anchor investors ahead of IPO
ADVERTISEMENT Capri Global Capital, Beacon Stone Capital, and IndiaMax Investment Fund are among the investors which participated in the anchor investor round, the company said in a statement.
The company has fixed the IPO price at Rs 160-170 per share. The Rs 49.72 crore initial public offering (IPO) will hit the capital market on August 4 and concludes on August 6. The shares will be listed on the NSE SME's platform Emerge.
The public issue is entirely a fresh issue of 29.25 lakh shares worth Rs 49.72 crore. The company had mobilised Rs 12 crore through a pre-IPO placement.
The net proceeds from the issue worth Rs 20 crore will be used towards funding of establishing GIS manufacturing facility in Gujarat, Rs 19 crore for setting up a new manufacturing facility in Odisha, Rs 15 crore for payment of debt and the rest will be used for the general corporate purposes. "From 900 RMUs two years ago, we now produce 3,000 annually. We're also manufacturing around 100 compact sub-stations every year.
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"The company currently operates out of a facility in Vadodara, Gujarat, and is investing Rs 40 crore to set up two new plants -- one in Vadodara for gas-insulated switchgear and another in Khurda, Odisha -- to cater to high-growth regions such as eastern India," Parth Electricals & Engineering's Managing Director Jignesh Patel, said.
Parth Electricals' order book stood at Rs 140 crore, buoyed by a recent Rs 48 crore contract from Waaree Energies for a 6.5 GW solar project in Navsari. With growing demand from utilities like Tata Odisha, TP Western Odisha Distribution Ltd (TPWODL) , and Damodar Valley Corporation, the company is also doubling down on talent, aiming to expand its workforce from 250 to 550.
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The Vadodara-based company's clientele includes Aditya Birla, UltraTech Cement, L&T, Reliance Industries, Adani, Tata Power, Schneider Electric, BHEL, Tata Steel, Siemens, GFL, and Jindal Steel & Power. The company reported a revenue from operations of Rs 174.67 crore and profit after tax of Rs 10.11 crore in FY25.
Horizon Management is the sole book running lead manager while KFin Technologies is the registrar for the IPO. PTI
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