Machinery manufacturing company Megatherm Induction has fixed the price band of Rs 100 to Rs 108/share for its IPO i.e. Initial Public Offering. This issue of the company will open for subscription on January 25 and will close on January 30.
The company said that this public issue will be of 49.92 lakh equity shares and all these will be fresh shares i.e. the money received from the IPO will go to the company. The company plans to raise around Rs 54 crore from the public issue at the upper end of the price band.
Shares will be listed on NSE Emerge platform
The company’s shares will be listed on the NSE Emerge platform. The sole book running lead manager of the issue is Hem Securities Limited. The registrar of the IPO is BigShare Services Private Limited.
The proceeds from the issue will be used for the construction of a factory shed and funding additional plant and machinery. Apart from this, this money will also be used to meet working capital needs and general corporate objectives.
What work does the company do?
Megatherm Induction is a subsidiary of Megatherm Electronics. The company also manufactures upstream and downstream equipment for steel related work.
This machinery includes furnaces for alloy and special steel industries along with transformers, ladle refining furnaces, ladle casting machines, fume extraction systems etc.
