The public issue comprises only a fresh issue, and there is no offer for sale portion.
IPO will include both issuance of new shares and offer-for-sale shares.
The company has fixed a price band of Rs 33-35 per share and investors can bid for 428 shares and in multiples thereof.
The IPO consists of fresh issue of 20,000,000 equity shares of the face value of Rs 10 each aggregating to Rs 66 crore.
The issue comprises fresh issue of 85.20 lakh equity shares and an offer for sale of up to 25.5 lakh by promoters Mayank Shah and Shweta Shah.
As of December 2022, it has equipment base comprises 111 construction equipment, 46 dumpers, 51 other construction vehicles and 7 ready-mix concrete plants.
Government will sell part of its stake in the company through the IPO.
As per the news, the company will increase public shareholding by 25%.
The company will use net proceeds from the IPO to fund the working capital requirements and for other general corporate purposes.
The company intends to raise Rs 155 crore through an initial public offering at the higher end of the Rs 133-140 price band.