Engineering, procurement and construction firm Atmastco Ltd on Monday said it will raise a little over Rs 56 crore through an initial public offering that will open for subscription on February 15. Post the completion of the Initial Public Offering (IPO), shares of the Bhilai- headquartered company will be listed on the National Stock Exchange’s Small and Medium Enterprise (SME) platform — NSE Emerge.
The company’s IPO is a combination of fresh issue of 54.8 lakh equity and an Offer For Sale (OFS) of 18.25 lakh shares with a fixed price of Rs 77 apiece, according to a statement. At this price, the company will mobilise Rs 42.2 crore through the fresh issue and Rs 14.06 crore by way of OFS.
Proceeds from the fresh issue will be primarily used for funding the working capital requirements of the company. Besides, some amount will be used for repayment of loans and general corporate purposes. The maiden public issue opens for subscription on February 15 and will conclude on February 20.
The Chattisgarh-based company has ongoing projects worth more than Rs 720 crore. Investors can apply for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter.
Affinity Global Capital Market Private Ltd is the sole lead manager to the public issue.
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