PKH Ventures IPO to open on June 30, close on July 4

PKH Ventures Ltd initial public offering will open for subscription on June 30 and close on July 4. The allotment will be on July 7, initiation of refunds will be on July 10 and listing on exchanges will be on July 12. The IPO consists of a fresh issue of upto 18.26 million shares and an offer for sale of upto 7.73 million shares by its promoter Pravin Kumar Agarwal. Currently, Pravin Kumar Agarwal holds 63.69 percent stake in the firm.

The proceeds from the fresh issue worth Rs 124.12 crore will be used to invest in its arm Halaipani Hydro Project for development of hydro power projects. The firm will also use Rs 80 crore for investment in its arm Garuda Construction for funding long term working capital requirements. The firm said it will also use Rs 40 crore out of the fresh issue to pursue inorganic growth via acquisition and other strategic initiatives.

IDBI Capital is the sole book running manager to the issue.

The company based in Mumbai operates in three distinct business verticals, namely construction and development, hospitality, and management services. It specialises in executing civil construction works for third-party developer projects.