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PNN
Mumbai (Maharashtra) [India], September 11: Innomet Advanced Materials Limited, a global supplier of a wide spectrum of ferrous and non-ferrous metal/alloy powders, has announced its plan to go public with an Initial Public Offering on September 11, 2024. The company aims to raise Rs 3,423.60 lakhs at a price of Rs 100 per share through this IPO, with shares set to be listed on the NSE Emerge platform. The issue size is Up to 34,23,600 equity shares at face value of Rs 10 each. Equity Share Allocation * Non-Institutional Investors (NII) - 16,26,000 Equity Shares * Retail Individual Investors (RII) - 16,26,000 Equity Shares * Market Maker - 1,71,600 Equity Shares The net proceeds from the IPO will be utilized for working capital requirements, capital expenditure requirements for the purchase of machinery and equipment, and repayment of outstanding borrowing to cover general corporate expenses and issue expenses. The issue will close on September 13, 2024. The Book Running Lead Manager to the Offer is Expert Global Consultants Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited. Vinay Choudary Chilakapati, Managing Director & Chief Executive Officer of Innomet Advanced Materials Limited, said, "With our extensive experience and diverse product portfolio, we have built strong relationships with our customers. The net proceeds from this IPO will enhance our business by providing capital to drive growth and expand operations. We are excited about this opportunity and look forward to elevating the company to new heights". Gaurav Jain, Director of Expert Global Consultants Private Limited said, " We extend our sincere congratulations to Innomet Advanced Materials Limited on reaching this significant milestone. Expert Global Consultants Private Limited extensive experience and promising outlook. We are confident in the success of their IPO and proud to support their endeavor. The capital raised will clearly strengthen their market position and drive further success in the industry. With our expertise in IPO management, business valuation, and financial advisory, we are well-positioned to support their journey. Company's customer-centric approach and diverse portfolio uniquely position them to capitalize on emerging opportunities." (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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