BMW Ventures IPO will consist of entirely fresh issue of 2.34 crore equity shares with no offer-for-sale component. Long and flat steel products distributor BMW Ventures has refiled draft red herring prospectus with the SEBI to raise funds via an initial public offering for reducing the debt.
The IPO will consist of entirely fresh issue of 2.34 crore equity shares with no offer-for-sale component. The issue size has been reduced by 18,000 shares.
Earlier on September 4, 2024, the company had filed IPO papers with the capital markets regulator for fund raising via fresh issue of 2,34,18,000 equity shares. However, it had withdrawn the said draft documents on October 28, 2024.
Patna-based BMW Ventures that specialises in the distribution of long and flat steel products across Bihar intends to utilise Rs 173.75 crore out of net fresh issue proceeds for repaying debt, and the remainder amount for general corporate purposes.
As of December 2024, it had total borrowings of Rs 440.72 crore on a consolidated basis.
The company has changed the objective of its IPO. As per earlier draft papers, it was planning to spend Rs 175 crore out of net IPO proceeds for working capital requirements in FY25 and FY26.
BMW Ventures involves in trading and distribution of steel products, tractor engines and spare parts, as well as in manufacturing of PVC pipes and roll forming, and the fabrication of pre-engineered buildings (PEB) and steel girders.
Source: www.moneycontrol.com
