Tamil Nadu-based EPC services provider Samay Project Services is going to open its initial public offering (IPO) next week on June 16. This would be the second public issue hitting Dalal Street on the same day, along with Patil Automation IPO.
The Rs 14.69-crore maiden public issue, which consists of solely fresh issue of 43.2 lakh shares, will close on June 18. The price band for the offer has been fixed at Rs 32-34 per share.
The company will finalise its IPO share allotment by June 19. Samay Project Services shares will be available for trading on the NSE Emerge, effective June 23.
Incorporated in 2001, Samay Projects provides specialised services in design, engineering, supply, fabrication, erection and commissioning of balance of plant systems in various industries. It deals in the EPC projects consists of piping system, tanks and vessels and fabricated structures; and fire protection and detection systems.
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The IPO proceeds will be mainly utilised for working capital requirements, and the remainder for general corporate purposes.
Smart Horizon Capital Advisors is acting as the merchant banker for the issue.
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