Supreme Power Equipment Limited (SPEL), a distinguished player in the power and distribution transformer manufacturing industry, has announced its plans to go public with an Initial Public Offering on December 21.
The company aims to raise around ₹46.67 Crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform.
The issue size of SPEL shares is up to 71,80,000 equity shares at a face value of ₹10 each.
Equity Share Allocation is the following:
- QIB Anchor Portion – Up To 18,70,000 Equity Shares
- Qualified Institutional Buyers (QIB) – Up To 12,50,000Equity Shares
- Non-Institutional Investors (NII) – Up To 9,40,000Equity Shares
- Retail Individual Investors (RII) – Up To 21,88,000Equity Shares
- Market Maker – 9,32,000 Equity Shares
According to the company, the net proceeds from the IPO will be utilised for capital expenditure requirements, working capital needs, and general corporate expenses. The bidding for the Anchor portion will open on December 20. The IPO will close on December 26.
“This IPO marks a significant milestone for us, and we are enthusiastic about the opportunities and growth that lies ahead,” Vee Rajmohan, Chairman And Managing Director of Supreme Power Equipment Limited said, according to ANI.
Rajmohan added: “With over 29 years in the industry, we have proudly positioned ourselves as one of the leading manufacturers of power and distribution transformers in Tamil Nadu. This forthcoming step is a testament to our unwavering commitment to innovation and reliability.”
According to ANI, the Book Running Lead Manager to the Issue is Narnolia Financial Services Limited. The Registrar to the Issue is Purva Share Registry Private Limited.
Vipin Aggarwal, Director of Narnolia Financial Services Limited said: “We are pleased to be part of this milestone journey with Supreme Power Equipment Limited. As a distinguished player in the power and distribution transformer manufacturing industry, Supreme Power Equipment Limited showcases resilience and unmatched expertise. Their commitment to quality and innovation positions them as a leader in the field. As we embark on this collaborative journey, we look forward to contributing to their success and supporting their business growth.”
The shares of Supreme Power Equipment are currently trading in the grey market at a premium of ₹50.
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