Infrastructure company Desco Infratech is set to open its maiden public issue for subscription on March 24. The IPO comprises of entirely fresh issue of 20.5 lakh shares with no offer-for-sale component.
It has fixed price band at Rs 147-150 per share for the book-built issue.
The Gujarat-based firm aims to raise Rs 30.75 crore via initial share sale at the upper price band. The net IPO proceeds will be utilised for setting up of corporate office in Surat (Gujarat), purchase of machineries, working capital requirements, and general corporate purposes.
Half of the public issue size has been reserved for qualified institutional buyers, 35 percent shares for retail investors, and the remainder 15 percent shares of the issue for non-institutional investors.
The offer will close on March 26. The company will finalise the IPO share allotment by March 27, while the trading in its equity shares will commence on the BSE SME effective April 1.
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Desco Infratech provides infrastructure and maintenance services to city gas distribution divisions in India. It also offers services in the power division, focusing on the installation, connectivity, commissioning, and erection of low tension (LT) and high tension (HT) cables.
Smart Horizon Capital Advisors is acting as sole book running lead manager for the issue.
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