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PNN
Mumbai (Maharashtra) [India], October 2: Sharp Chucks and Machines Limited, one of the few integrated companies with the capability to manufacture forging products, casting products, and machined components, has announced its plans to go public with an Initial Public Offering (IPO)which opened on29th September, 2023. The company is aiming to raise16.84 croreat the fixedpriceof58through this IPO, with shares set to be listed on the NSE EMERGE platform. The fresh issue size isup to9,75,484equity shares and offer for sale (OFS) isup to19,28,516at face value of10each. The selling shareholder in the OFS is SIDBI Trustee Company Limited A/C India Opportunities Fund. Equity Share Allocation * Non-Institutional Investors (NII) Up To 13,78,000 Equity Shares * Retail Individual Investors (RII) Up To 13,78,000 Equity Shares * Market Maker - 1,48,000 Equity Shares The net proceeds from the IPO will be utilizedforfunding working capital requirementsand forgeneral corporate purposes.The issue closes on05thOctober, 2023. TheLead Manager to the Issue isFedexSecuritiesPrivate Limited. The Registrar to the Issue isSkyline FinancialServices Private Limited. Ajay Sikka, Promoter & Managing Director of Sharp Chucks and Machines Limited said, Sharp Chucks and Machines Limited is embarking on an exciting journey towards growth and innovation as we take the momentous step of going public. With a rich legacy spanning a remarkable 25 years, we have established ourselves as a reputable manufacturer and exporter in the industry. Our global footprint, extending across 30 countries, stands as a testament to our commitment to delivering high-quality lathe and power chucks, machine tools, and accessories. The IPO will serve as the catalyst for our growth, empowering us with the capital necessary to meet our working capital requirements and further our general corporate objectives. With a steadfast team and a devoted customer base, we are well-positioned for a prosperous and dynamic future. (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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