Mumbai-based lithium ion batteries maker ATC Energies System is set to launch its maiden public issue on March 25, with price band of Rs 112-118 per share.
The company intends to mobilise Rs 63.76 crore via initial share sale of 54.03 lakh shares at the upper price band. The IPO comprises of fresh issue of 43.23 lakh shares, and an offer-for-sale of 10.8 lakh shares by promoter Sandeep Gangabishan Bajoria.
With factories at Vasai, Thane and Noida, NCR, ATC manufactures batteries of all sizes for several industries such as banking, agriculture, LED, medical equipment, and oil & gas testing equipment.
The company will utilise net fresh issue proceeds for debt repayment, and working capital requirements. Further, the IPO money will also be used for capital expenditure requirements toward refurbishment, civil and upgradation works at Noida factory, and IT upgradation at Noida, Vasai factories and registered office.
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ATC Energies System that competes with listed peers like Eveready Industries, and High Energy Batteries India is valued at Rs 240.58 crore at the upper price band.
The public issue will close on March 27. The IPO share allotment will be finalised by March 28, and the trading in ATC Energies shares will commence on the NSE Emerge effective April 2.
The sole book running lead manager handling the public issue is Indorient Financial Services.
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