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PNN
Mumbai (Maharashtra) [India], September 22: Saakshi Medtech & Panels Limited is pleased to announce the opening of its Initial Public Offering (IPO) for subscription on September 25, 2023, with the subscription period set to conclude on September 27, 2023. The company's shares are proposed to be listed on the NSE SME platform. Saakshi Medtech & Panels Limited is offering its equity shares in the price range of Rs 92 to Rs 97 per share, as stated in a company statement. The primary objective of this IPO is to raise Rs 45.16 crore at the upper price band. Each lot consists of 1200 equity shares. The offering comprises a total of 4,656,000 equity shares, with specific allocations for different investor categories. The allocation includes 2,209,200 equity shares reserved for Qualified Institutional Buyers (QIBs), 663,600 shares for Non-Institutional Investors (NIIs), 1,548,000 shares for Retail Individual Investors (RIIs), and 235,200 shares set aside for market makers. Hem Securities Limited is the appointed book running lead manager for the issue, while Bigshare Services Pvt Ltd has been selected as the registrar. Saakshi Medtech & Panels Limited is a diversified company engaged in the manufacturing of Electrical Control Panels & Cabinets, Medical X-Ray Systems, Fabrication & Wire Harness, and caters to Original Equipment Manufacturers (OEMs) in various industries, including but not limited to Oil & Gas, Aviation, Renewables, Healthcare, and Locomotives. The company has established strategic agreements with key players such as OTIS Elevator Company (India) Ltd for the supply of electrical control panels until June 30, 2024, and Wabtec India Industrial Pvt. Ltd. for the supply of assemblies installed in locomotives up to 2027. The company's financial performance has been impressive, with a Compound Annual Growth Rate (CAGR) of 42.89 per cent in revenue, increasing from Rs 59.77 crore in FY2021 to Rs 122.05 crore in FY2023., Saakshi Medtech & Panels Limited achieved a Revenue from Operations of Rs 122.05 crore, with an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 20.34 crore and a PAT of Rs 12.38 crore. Investors and stakeholders are encouraged to review the company's prospectus and consider participating in this exciting opportunity as Saakshi Medtech & Panels Limited looks forward to its IPO launch on September 25, 2023. For more information, please visit the company's website athttps://www.smtpl.co/ (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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