Bronze Infra-Tech SME IPO to open on October 19

Bronze Infra-Tech is entering capital market with a public issue of 57.04 equity shares on October 19, 2012. It has fixed issue price at Rs 15 a share.

The Rs 8.56 crore issue will close for subscription on October 23.

The company was engaged in the business of textile trading till the financial year ended 2011-12. It has started construction and IT supply activities in the current financial year. Currently, it is engaged in the business of land development, construction and execution of infrastructure projects.

It subcontracts specific construction, development and execution work related to projects to third party contractors. Bronze Infra-Tech is currently executing four diversified projects, two of which are land development based projects, one project for civil work and another project related to supply of IT equipments.

Issue proceeds of Rs 8 crore (out of total issue size) are proposed to be used for the fund requirements for execution of ongoing and forthcoming projects.

Promoters' stake in the company will be reduced to 50.40 percent from 75.41 percent post issue.

Bronze Infra-Tech has reported a profit of Rs 3.52 lakh on total income of Rs 3.82 crore in the year ended March 31, 2012.

Inventure Merchant Banker Services Private Limited is the book running lead manager to the issue.