Energy Mission Machineries IPO To Open On May 9; Price Band At Rs 131-138/Share

Energy Mission Machineries (India) Ltd on Monday said it has fixed the price band at Rs 131-138 per equity share for its initial public offering which will hit the capital market on Thursday to raise around Rs 41 crore. The public issue of Energy Mission Machineries (India) will open on May 9 and conclude on May 13, and the shares will be listed on NSE SME's platform, Emerge, the company said in a statement.

The public offer is entirely a fresh issue of 29.82 lakh Equity shares of Rs 10 face value and no Offer for Sale component, according to the red herring prospectus (RHP). At the upper end of the price band, the company will fetch up to Rs 41.15 crore from the initial public offering (IPO). The company intends to utilise the proceeds of the net issue to fund its expansion plans including civil construction work, a new plant and machines at the existing manufacturing unit at Sanand, Gujarat.

The company will also utilise the proceeds for meeting the working capital requirements and general corporate purposes. Investors can bid for a minimum of 1000 equity shares and in multiples thereof. The Ahmedabad-based company is engaged in designing and manufacturing a diverse range of sheet metal machinery.

It designs and manufactures CNC, NC, and conventional metal forming machines that cater to the industrial sector's need for metal fabrication solutions. The metal forming machines are used across various industries. For nine months of FY23-24, the company reported a total income of Rs 83.99 crore and a net profit of Rs. 6.74 crore. Hem Securities Ltd is the book running lead manager, while Bigshare Services is the registrar for the issue.

(PTI)