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PNN
Bengaluru (Karnataka) [India], December 11: Presstonic Engineering Ltd engaged in the manufacturing of Metro Rail Rolling Stock, Metro Rail Signalling, and Infrastructure plans to raise Rs 23.30 crore from its SME public issue. The public issue will open for subscription on December 11. The company has received approval to launch its public issue on NSE Emerge Platform of National Stock Exchange. Proceeds of the public issue will be utilized for Funding Capital Expenditure towards the purchase of additional plant and machinery, prepayment of borrowings, meet working capital requirements and for general corporate purposes. Finshore Management Services Limited is the lead manager of the issue. Public issue will close on December 13. The initial public offering comprises of a fresh issue of 32,36,800 equity shares of face value Rs 10 each at a price of Rs 72 per share (including a premium of Rs 62 per equity share) aggregating up to Rs 23.30 crore. Minimum lot size for the application is 1600 shares which translates in to investment of Rs 1.15 lakh per application. Retail allocation for the IPO is kept each at 50 per cent of the issue. Market maker reservation portion is 1,63,200 equity shares. Incorporated in 1996, Presstonic Engineering Limited manufactures products for Metro Rail Rolling Stock, Metro Rail Signalling, and Infrastructure. The company offers a wide range of products, including Rolling Stock Interior Products such as Saloon Bucket/Plain Type Seats, Custom Colored Engineered Handles, Grab Pole Systems, Hand Rail Systems, Emergency Evacuation Ramps, and Honeycomb Partition Panels. The company's manufacturing facility spread over 28,000 sq ft and R&D Division are situated in Bangalore. The company's business model is order-based. As on March 31, 2023, the company have an unexecuted order book of Rs 63.89 crore. Presstonic Engineering Limited supplies products to diversified industries along with State Govt. Central Govt. and PSUs. Herga Poornachandra Kedilaya and Yermal Giridhar Rao are the promotors of the company. Promoter Group holding post issue will be 57.99 The financial performance of the company has exhibited considerable progress over the years, demonstrating growth and stability. For the FY 22-23 company reported total revenue of Rs 21.13 crore Net Profit of Rs 2.56 crore. As on 30 Sep 2023, Reserves & Surplus stands at Rs 1.98 crore, Total Assets at Rs 28.51 crore and Net Worth of Rs 6.46 crore. Shares of the company will be listed on NSE's Emerge platform. (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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