On February 28, HP Telecom India will make its debut on the NSE Emerge, while the trading in Swasth Foodtech shares will commence on the BSE SME.
HP Telecom India, and Swasth Foodtech have opened their initial public offerings (IPOs) for subscription on February 20. Both are fixed price issues from the SME segment, while there is no new launch in the mainboard segment, may be due to subdued equity market conditions.
The Gujarat-based mobile phones and accessories distributor entered capital markets to raise Rs 34.23 crore via maiden public issue, at a price of Rs 108 per share. The IPO comprises of soley fresh issue of 31.69 lakh shares.
HP Telecom, which is the exclusive distributor for Apple products in Madhya Pradesh & Chhattisgarh, select cities in Uttar Pradesh, and major urban centers in Gujarat, intends to utilise IPO proceeds mainly for its working capital requirements, and the remainder for general corporate purpose.
Interactive Financial Services is acting as the merchant banker for the public issue.
Swasth Foodtech IPO
Rice bran oil processing company Swasth Foodtech India plans to mobilise Rs 14.92 crore through initial share sale at a price of Rs 94 per share. The IPO consists of entirely fresh issue of 15.87 lakh shares.
The West Bengal-based company that markets and sells rice bran oil, along with byproducts (like fatty acids, gums, spent earth, and wax), to oil manufacturers and packers, will spend fresh issue proceeds for setting up of a packing line at the existing manufacturing unit, working capital requirements, and general corporate purposes.
The book running lead manager handling the public issue is Horizon Management.
Half of their offers size is reserved for retail investors, and the remainder for institutional and non-institutional investors.
Both public issues will close on February 24, while they will finalise their IPO share allotment by February 25.
On February 28, HP Telecom India will make its debut on the NSE Emerge, while the trading in Swasth Foodtech shares will commence on the BSE SME.
Source: www.moneycontrol.com