Upcoming IPOs: Vidya Wires, Mangal Electrical Industries get SEBI nod for public issue
Upcoming IPOs: Winding and conductivity products manufacturer Vidya Wires and Jaipur-based Mangal Electrical Industries have received approval from markets regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).
Vidya Wires IPO comprises of a fresh issue of equity shares aggregating up to ₹ 320 crores by company and an offer for sale aggregating up to 1,00,00,000 equity shares by the promoter selling shareholders with face value of ₹ 1 each equity share.
The company intends to use the net proceeds to finance capital expenditures for establishing a new project through its subsidiary, Alcu, to repay or prepay, either fully or partially, specific outstanding borrowings, and to support general corporate activities.
Shyamsundar Rathi, Shailesh Rathi and Shilpa Rathi are the promoters of the company.
Pantomath Capital Advisors Private Limited and IDBI Capital Markets & Securities Limited are the Book Running Lead Managers to the issue. The equity shares of the Company are proposed to be listed on both BSE and NSE.
Jaipur-based Mangal Electrical Industries with a face value of ₹ 10 per share, is a completely fresh issue amounting to ₹ 450 crore, with no shares being offered for sale by existing shareholders.
The company had filed its IPO papers with SEBI on December 24 last year.
The funds raised from the fresh issue will be utilized as follows: up to ₹ 96.03 crore will be used to repay or prepay, either fully or partially, certain outstanding borrowings of the Company; ₹ 120 crore will be allocated towards capital expenditure for expanding the facility at Unit IV in Reengus, Sikar District, Rajasthan, as well as for civil work at the existing head office in Jaipur to improve space utilization and increase storage capacity; ₹ 122 crore will be used to meet the Company's working capital needs; and the remaining amount will be allocated for general corporate purposes.
Systematix Corporate Services Limited is the sole book-running lead manager and Bigshare Services Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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