Gujarat-based mobile phones and accessories distributor HP Telecom is set to launch its maiden public issue for subscription on February 20. This would be the first IPO announced for the next week.
The initial share sale will close on February 24, while the IPO share allotment will be finalised by February 25. Investors can start trading in HP Telecom shares on the NSE Emerge effective February 28.
The company plans to raise Rs 34.22 crore via public issue of 31.69 lakh shares at a price of Rs 108 apiece. It is a fixed price issue comprising of solely fresh issue.
HP Telecom will utilise Rs 30 crore out of total fresh issue proceeds for working capital requirement, and Rs 3.5 crore for general corporate purposes.
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HP Telecom is the authorised distributor of Apple Inc in Madhya Pradesh, Chhattisgarh, Uttar Pradesh and Gujarat. Apple products contributed 85 percent to company's revenue in the last fiscal.
Interactive Financial Services is appointed as the sole book running lead manager to the issue.
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