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Megatherm Induction sets IPO price range, aims to raise Rs 53.91 crore

EditorAhmed Abdulazez Abdulkadir
Published 2024/01/20, 12:32
© Reuters.

MUMBAI - Megatherm Induction, a manufacturer of electrical induction products and steelworks equipment, has announced the price range for its initial public offering (IPO) as it seeks to raise Rs 53.91 crore ($1 = ₹83.12). The IPO is priced between Rs 100 to Rs 108 per share, with the subscription period slated to run from January 25 to January 30.

The company, which operates under the parent entity Megatherm Electronics and caters to clients worldwide—including Indian Railways and Tata Motors—aims to issue 49.92 lakh new shares without an offer-for-sale component. The proceeds from the IPO are earmarked for capital expenditure purposes. Specifically, the funds will be used to construct a new manufacturing shed and to install additional plant machinery, positioning the company for future growth.

Hem Securities Ltd is at the helm of the book-running process for the IPO, while Bigshare Services Pvt Ltd has been appointed as the registrar. Megatherm Induction is targeting a listing on the NSE Emerge platform, a segment of the National Stock Exchange of India dedicated to small and medium-sized enterprises.

Investors interested in the IPO can look forward to the finalization of share allotment on January 31, with an anticipated listing date set for February 2.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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