SME: Mitcon Consultancy IPO opens on Oct 15

Maharashtra-based Mitcon Consultancy & Engineering Services has come out with its public issue of 41 lakh equity shares of a face value of Rs 10 each for cash at a price of Rs 61 per equity share.

The issue will open for subscription on October 15, which will close on October 18.

The equity shares of the company are proposed to be listed on the SME Platform of NSE i.e., "EMERGE" and traded in the SME continuous normal market.

Also Read: Stellar Capital Services SME IPO opens on Oct 15

The company is engaged in the business of providing consultancy in power generation.

The objects of the issue are:

• Acquisition of property for setting up new offices in Bangalore, Hyderabad, Chennai, New Delhi and Ahmedabad and environment testing laboratory in Bangalore and Ahmedabad;
• Purchase of office equipment for new offices;
• Purchase of furniture and fixtures and carrying out interior designing for the new offices and the environment testing laboratory;
• Purchase of equipment for environment testing laboratory at Ahmedabad and Bangalore;
• General Corporate Purposes; and
• To meet issue related expenses.

IDBI Capital Market Services Limited and Keynote Corporate Services Limited are the book running lead managers to the issue. Link Intime India Private Limited is a registrar to the issue.