Racks & Rollers IPO opens April 30; sets the price range at Rs 73-78 per share
OneView Corporate Advisors Pvt Ltd is the sole lead manager, while Integrated Registry Management Service is the registrar of the issue.
Storage rack systems maker Racks & Rollers on Monday said its initial public offer will hit the capital markets on April 30 and raise around Rs 29.95 crore from public investors.
The public issue will open for subscription on BSE’s SME platform on Tuesday and close on May 3, the company said in a statement.
The Bengaluru-based storage rack systems company, with specialization in design, manufacturing and installation services of metal storage racks, automated warehouses and other storage solutions, has set the price range at Rs 73-78 per share.
The initial public offering (IPO) is just a fresh issue of up to 38.40 lakh shares of Rs 10 each.
At the higher end of the price range, the company will fetch up to Rs 29.95 crore. Investors can bid for a minimum of 1,600 shares and then in multiples of 1,600 shares.
Of the total net proceeds to be raised through the issue, Rs 27.50 crore will be used to meet working capital requirements and general operating expenses.
Racks & Rollers, a brand of Storage Technologies & Automation Pvt Ltd, founded in 2010, was promoted by Mohammed Arif and Khasim Sait.
As of April 1, 2024, the company’s total order book value stands at Rs 21.36 crore.
For the seven months ended October 31, 2023, revenue from operations was Rs 52.92 crore, and profit after tax was Rs 3.59 crore.
OneView Corporate Advisors Pvt Ltd is the sole lead manager, while Integrated Registry Management Service is the registrar of the issue.
It is proposed to list the shares on the SME Platform of BSE Ltd.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: April 29, 2024 | 9:58 PM IST