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PNN
Mumbai (Maharashtra) [India], August 23: Vdeal System Limited, a manufacturer of electrical control panel and automation panel, proposes to open its Initial Public Offering on August 27, 2024. The company is aiming to raise Rs 18.08 Crore and shares will be listed on the NSE Emerge Platform. Equity Share Allocation * Non-Institutional Investors (NII) - Not less than 7,65,600 To Equity Shares * Retail Individual Investors (RII) - Not less than 7,66,800 To Equity Shares * Market Maker - Not less than 81,600 To Equity Shares The net proceeds from the Issue will be utilized primarily for Funding of Working Capital Requirement of the company, Prepayment and repayment of certain secured and unsecured loan and General Corporate Purposes. The issue will close on August 29, 2024. The Lead Manager to the Issue is Affinity Global Capital Market Private Limited, The Registrar to the Issue is Cameo Corporate Services Limited. Dhiraj Kochar, Chairman & Managing Director and Mrs. Tapaswini Panda Whole time Director & Chief Financial Officer of Vdeal System Limited expressed, "This milestone signifies a key accomplishment for Vdeal, showcasing our progress and advancements in electrical control panel and automation solutions since our inception. Our journey has been driven by a commitment to quality and innovation, offering smart electrical control panels. Our integration of IoT, AI, and ML into these solutions ensures real-time data analysis and automated preventive actions. Our strategic partnerships with global electrical players and strong in-house capabilities in product design and system integration have solidified our market position. The IPO will enable us to expand operations, enhance market reach, and invest in future growth opportunities, all while maintaining our focus on quality, reliability, and compliance." This IPO represents not just a milestone but a stepping stone towards a prosperous and innovative future." Sanjay Bhalotia, Founder & Chairman and Shruti Bhalotia Director of Affinity Global Capital Market Private Limited said, " The upcoming IPO of Vdeal is a significant milestone in its journey from humble beginning to becoming a key player in the electrical and automation solutions industry. Their growth is strengthened by its strategic partnerships with global players and its strong focus on innovations. With a diverse product range and a strong commitment to delivering high-quality solutions, they have established a competitive edge in the rapidly expanding electrical and automation sector. The IPO funding positions the company to capitalize on the industry's growth, which is being driven by increasing demand for smart and efficient solutions." (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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