Meson Valves India IPO is going to be launched for subscription on September 8, with a target to raise Rs 31.09 crore. It is a fixed price issue.
The initial public offering of 30.48 lakh equity shares comprises only a fresh issue by the company, of which 1.56 lakh shares worth Rs 1.59 crore are reserved for the market maker.
The issue less than the market maker's portion is considered as net issue, i.e. 28.92 lakh shares worth Rs 29.5 crore. Half of the net offer size is reserved for retail investors and the remaining 50 percent for high networth individuals and institutional investors, i.e. 14.46 lakh shares each.
The total issue will constitute 30 percent of the post issue paid-up equity.
The issue price has been fixed at Rs 102 per share. The offer will close on September 12.
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The minimum bids that can be made are for 1,200 equity shares and in multiples of 1,200 shares thereafter. Accordingly, retail investors can make an application only for 1,200 shares, worth Rs 1,22,400 as they are allowed to invest up to Rs 2 lakh in IPO, while the minimum investment by high networth individuals would be Rs 2,44,800 (2,400 shares).
The Pune-based valve supplier will make use of fresh issue proceeds for purchase of plant & machinery worth Rs 11.37 crore, and working capital requirements amounting to Rs 11.95 crore. The remaining funds will be utilised for general corporate purposes and issue expenses.
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Promoted by India Futuristic Marine, Swaroop Raghuvir Natekar, Brijesh Madhav Manerikar, and Vivekanand Maruti Redekar, Meson Valves India supplies valves, actuators, strainers, and remote-control valves systems, mainly to naval, oil & gas industries, power, refineries and general industries, both in domestic and international markets.
Equity shares will be listed on the SME Platform of the BSE.
Shreni Shares is the merchant banker to the issue, and Maashitla Securities is the registrar.
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