Maharashtra based Harisons Steel is entering into primary market with an Initial Public Offering (IPO) of —– Equity Shares of Rs 10 each aggrigating Rs 60 crore. The company has filed draft red herring prospectus (DRHP) papers with market regulator Securities and Exchange Board of India (SEBI) for the same. Harisons Steel is engaged in the business of manufacturing of stainless steel ingots and billets of various grades and sizes.
The company plans to utilize the proposed IPO funds to set up a rolling mill with a proposed capacity of 30,000 MTs per annum (with an outlay of Rs 41.6 crore) wherein billets will be utilized for captive consumption. About Rs 8 crore will be used for incremental working capital requirements, as per draft.
The company reported a net profit after tax of Rs 3.55 crore and total income of Rs 311.5 crore, an increase of 71.8% and 77% over previous year, respectively.
The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The Sole Book running lead manager (BRLM) to the issue is Comfort Securities Limited Mumbai.
Stay tuned to BelltheBull Blog for more on Harisons Steel IPO (Initial Public Offering) !Google+