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PNN
Mumbai (Maharashtra) [India], May 10: Mandeep Auto Industries Limited, a dynamic Manufacturer and Supplier of Automotive Components, has announced its plan to go public with an Initial Public Offering (IPO) on May 13, 2024. The company is aiming to raise Rs 2,524.56 Lakhs at the price of Rs 67 per share through this IPO, with shares set to be listed on the NSE Emerge platform. The issue size is Up to 37,68,000 equity shares at face value of Rs 10 each. Equity Share Allocation * Non-Institutional Investors (NII) - Up To 17,88,000 Equity Shares * Retail Individual Investors (RII) - Up To 17,90,000 Equity Shares * Market Maker - Up To 1,90,000 Equity Shares The proceeds from the IPO will be allocated to expand current manufacturing capabilities, acquire new equipment and machinery, meet working capital requirements, repay certain borrowings, and cover general corporate expenses. The issue will open on May 13, 2024, and close on May 15, 2024 The Lead Manager to the Issue, Jawa Capital Services Private Limited, brings a wealth of experience and a deep understanding of various industries to the table. Their seasoned expertise positions them as adept navigators, capable of effectively steering through the intricacies of the issue. The Registrar to the Issue is Cameo Corporate Services Limited. Gurpal Singh Bedi, Chairman and Managing Directorof Mandeep Auto Industries Limited said, "we are glad as we are on new and important phase of our growth journey. We are committed to continually enriching our product portfolio and meeting the diverse and evolving needs of customers. This IPO represents a crucial moment for us, as it will equip us to establish a new manufacturing unit, further expanding our capabilities to meet the dynamic demands of the market and enhance our product portfolio. we look forward to leveraging this milestone to propel our company to even greater heights." CA Anoop Kumar Gupta, Director of Jawa Capital Services Private Limited said, "Mandeep Auto Industries Limited's expertise and dedication to understanding diverse customer needs and enhancing their product portfolio, combined with the growth momentum of the automobile industry, positions them favourably to capitalize on emerging opportunities. We extend our heartfelt congratulations to them as they are on a significant phase of their journey. We are confident in the success of their IPO and are privileged to accompany them on this journey. The funds raised will undoubtedly catalyse their ascent to prominence within the industry." (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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