Corrtech gets SEBI Green light for IPO

5 Jul 2022 , 05:31 PM

Corrtech International has got green light from SEBI for its IPO. The IPO will consist of both fresh issue of shares and offer for sale by promoters of the company. Fresh issue of shares will consist of shares worth Rs 350 crore. Offer for sale will consist of around 40 laks shares. Fresh issue means issuance of new shares. Offer for sale means sale of shares by existing shareholders of the company, such as promoters.

Corrtech will use the money raised through the IPO for paying back some of its existing debt. Some of the money will be used for purchasing new equipment. A part of the proceeds of the IPO will be used for making equity investments in its subsidiaries.

Corrtech manufactures corrosion resistant pipes and storage tanks for the hydrocarbon industry. It uses an electro chemical technique for increasing the corrosion resistance of its pipes and storage tanks. It not only manufactures these pipes and tanks but also provides the entire range of services for their installation and maintenance. The Company also has expertise in laying down pipelines for transportation of oil and gas. It has laid down 3500 kms of such pipelines across the country. It also provide underwater pipe laying service for the construction industry. Its subsidiary Corrtech Energy Ltd manufactures precision components for industrial gas turbines. The Company’s exposure to Oil & Gas industry is quite significant.

Equirus Capital is the lead manager for this IPO. 

https://www.indiainfoline.com/corrtech-ipo/