A2Z Engineering IPO : Planning to float Rs 350 crore IPO

by khalid on 08/06/2010 · 0 comments

A2Z Maintenance & Engineering Services is a Gurgaon-based engineering and construction company. Started in 2002 as a facility management services company, A2Z has evolved into an engineering, procurement and construction services provider to the power transmission and distribution companies. The company plans an initial public offer (IPO) to raise up to Rs.350 crore to fund its expansion projects. The company is likely to file draft red herring prospectus (DRHP) to the market regulator SEBI by the month-end.

The proceeds of the public issue are proposed to be utilized to fund the company’s several projects across the renewable energy and waste management. The company diversified itself into waste management and plans to scale up this business after the IPO.

Mittal and his family is the founder of the company and hold about 55% stake in the company that will reduce to about 50% after the issue. Rest of the equity is held by Rakesh Jhunjhunwala, Beacon India and India Equity Partners.

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