20 Microns Ltd (TML), has fixed price band of its initial public offer (IPO) at between Rs 50-55 per equity share. It is a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the paints and plastic industries. The company filed a red herring prospectus (RHP) with the Registrar of Companies at Vadodara on August 19.
The company is making an IPO of 43,50,632 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process. The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and offer for sale of 26,75,632 equity shares by Gujarat Venture Capital Fund. The issue will constitute 30.81 per cent of the post-issue paid up capital of the company. Credit Analysis and Research Limited (CARE) has been assigned the IPO Grade 3, indicating Average Fundamentals.
The company intends to utilize the IPO proceeds towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes
No comments:
Post a Comment