PKH Ventures files draft papers for IPO

PKH Ventures Ltd has filed draft papers for an initial public offering that will issue up to 18.26 million shares and sell up to 9.83 million shares by promoter Pravin Kumar Agarwal who holds 63.69 percent of the Mumbai-based company which is mainly into three verticals -- construction and development, hospitality, and management services..

IDBI Capital and BoB Capital Markets are the lead managers to the issue.

Proceeds will be used by the firm’s arm Halaipani Hydro Project Pvt Ltd. The estimated investment is Rs 1,241 crore.

The firm also plans to use proceeds for its arm Garuda Construction for funding long term working capital requirements. The estimated cost for the funding is Rs 800 crore.

Proceeds will also go towards inorganic growth via acquisitions and other initiatives. The estimated cost for this is Rs 400 crore.

The company manages restaurants, bars, food stalls, lounges, parking spaces, ticket counters, etc, at airports. In a span of 18 years it has managed more than 15 airports in India. The firm has constructed more than 1.5 million square feet in various private and government projects making the construction and development vertical the main growth engine.  As of 24 September 2021, the company had an order book of Rs 1,174 crore.

It executes civil construction and has been awarded two government projects: A hydro power project and a Nagpur project. The estimated cost for the projects is Rs 214 crore.

Civil construction is executed by arm Garuda whose order Book was Rs 559.75 crore as of 10 March 2022.

For fiscal year 2021, revenue of PKH Ventures stood at Rs 241 crore against Rs 166 crore a year ago. Net profit for the period stood at Rs 51.6 crore versus Rs 14 crore last year.