IPO Watch: Ardee Engineering Restricted has filed its draft crimson herring prospectus (DRHP) with the capital market regulator, Securities and Change Board of India (SEBI), for an preliminary public providing (IPO) to boost ₹580 crore.
Ardee Engineering is a complete design, engineering, and manufacturing agency that operates with three principal enterprise sectors: pre-engineered buildings (PEB), materials dealing with techniques (MHS), and engineering providers.
Based in 2008 as a partnership, Ardee has attracted key shoppers, together with famend blue chip corporations akin to ArcelorMittal Nippon Metal India Restricted (AM/NS), JK Cement Restricted, Navayuga Engineering Firm Restricted, and Udaipur Cement Works Restricted, amongst others.
With a broad clientele throughout numerous industries like e-commerce and logistics, electronics manufacturing, protection, aerospace, metal manufacturing, development, energy technology, and mining, Ardee caters to its prospects by 5 strategically positioned manufacturing amenities in Andhra Pradesh and Telangana.
As of March 31, 2024, the corporate has a complete manufacturing capability of 44,144 metric tonnes every year (MTPA). For the fiscal yr 2024, Ardee reported operational income of ₹620 crore, with a revenue after tax (PAT) of ₹29 crore.
IPO Particulars
As per the Draft Pink Herring Prospectus (DRHP), the Preliminary Public Providing (IPO) of the corporate primarily based in Hyderabad features a recent situation of fairness shares totaling as much as ₹500 crore, together with an Supply for Sale (OFS) of fairness shares amounting to ₹80 crore from the Promoter Promoting Shareholder, Chandra Sekhar Moturu.
Ardee plans to allocate ₹279.6 crore from the web proceeds of the recent situation for capital expenditure geared toward establishing two new manufacturing vegetation in Seetharampur, Telangana; ₹44.8 crore to assist the capital expenditures for a brand new built-in manufacturing facility in Parawada, Andhra Pradesh; ₹65 crore for the reimbursement or prepayment, in complete or partially, of sure present borrowings taken by the corporate, with the rest getting used for basic company functions.
The corporate might conduct a Pre-IPO placement of particular securities totaling as much as ₹100 crore earlier than submitting the Pink Herring Prospectus (RHP) to the Registrar of Corporations (RoC). If the Pre-IPO placement is accomplished, the whole measurement of the recent situation will likely be decreased by the quantity raised by this placement.
IIFL Capital Providers Restricted and JM Monetary Restricted function the lead managers overseeing the ebook for the difficulty.
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