Swajas Air Charters enters the capital market with its 37.5 Crore Initial Public Offer (IPO) which will open on 26th September. The IPO price band has been fixed between Rs 90 to100 per share.
Chennai-based Swajas Air Charters is an operator servicing company which has a fixed-wing aircraft & helicopters in India. R. Jayakumar is the Managing director of the company who has over 20 years of experience in this industry. The company started its charter operations in the year 1994.
To manage its public issue Aryaman Financial Services Ltd has been appointed as the BRLMs (book running lead manager). The company will use the issue proceed for fleet expansion, to purchase and set up office building, to set MRO/Hangar facility and to meet its working capital requirement. The Issues will close on September 28.
The company is also looking to set up air ambulance service, providing aircraft management solutions & Technical support. For this fiscal nine month period the company reported a net income of rupees 2326.43 Lakhs and with a net profit rupees 108.56 Lakhs. Some of their clients are Suzlon Energy, Apollo Hospitals Group, Nimbus Communications and Videocon Industries.
Presently 127 companies are permitted as a Non Scheduled Operator. In India Air Charter services includes charter Tourism, air ambulance and medical evacuation, specialized application and events and offshore transportation & logistics. Non Scheduled operators in India includes 169 aircrafts and 199 helicopters. The helicopters are used for VIP Charters and oil & gas Exploration.
“Bell the bull says: The Company has good business model and has a good potential growth in the business