Home News Shera Energy IPO Opens On 7th February 2023

Shera Energy IPO Opens On 7th February 2023

by Our Corresspondent - Feb 04, 2023
Shera Energy IPO Opens On 7th February 2023, News, KonexioNetwork.com

  • Anchor Investor Bidding 6th February 2023
  • Issue Size – Up To 61,76,000 equity shares of ₹ 10 each
  • Issue Size – ₹35.20 crore
  • Price Band – ₹55 - ₹57
  • Market Lot Size – 2,000 Shares

Mumbai : Shera Energy Limited, engaged in the business of manufacturing winding wires and strips made of non-ferrous metals like copper, aluminium and brass, proposes to open its Initial Public Offer (IPO) on February 7th, 2023. The Company proposes to garner ₹ 35.20 crore through IPO and shares will be listed on NSE Emerge platform.

The issue size is up to 61,76,000 equity shares out of which Fresh Issue will be up to 10,48,000 equity shares & OFS will be up to 51,28,000 equity shares.

Equity Share Allocation
  • QIB – Up To 25,06,000 Equity Shares
  • NII – Up To 8,20,000 Equity Shares
  • RII – Up To 18,50,000 Equity Shares
  • Employees – Up To 6,00,000 Equity Shares
  • Market Maker – Up To 4,00,000 Equity Shares

The net proceeds from the IPO will be utilized to meet working capital requirements and for general corporate purposes. The issue closes on February 9th, 2023.

The company has already placed 18,00,000 equity shares aggregating to ₹ 10.08 crore in pre-IPO placement.

The Book Running Lead Manager to the Issue is Holani Consultants Private Limited and The Registrar to the Issue is Bigshare Services Private Limited.

Mr. Naseem Shaikh, Chairman and Managing Director, Shera Energy Limited, said,” We are manufacturing products of non-ferrous metals like copper, aluminium and brass all under one roof which gives us added advantage. We have completed majority of our capex and have built strong production capacity.

With increasing demand for our products what we need is working capital to fuel our growth and take the company to the next level and IPO funding will help us.”

Mr. Ashok Holani, Director, Holani Consultants Private Limited, BRLM to the issue, said Shera Energy is having a scalable business model with wide and diverse product range. The company’s products are widely accepted in the market and with sufficient working capital the company can grow at a good rate.