Vinir Engineering documents IPO papers, incorporates only OFS with no clean issue component
Vinir Engineering, which manufactures precision-forged and machined additives, has filed draft crimson herring prospectus (DRHP) with the SEBI as it plans to raise funds through preliminary public supplying.
The IPO consists of entirely provide-for-sale of five.33 crore fairness stocks by using promoter Nitesh Gupta, the promoting shareholder, with out a sparkling issue element.
this means the entire difficulty proceeds will go to the selling shareholder, and the business enterprise will now not acquire any cash from the IPO. "The items of the offer are to carry out the offer-for-sale of as much as 5.33 crore fairness shares each through the promoter, and obtain the advantages of listing the fairness shares on the inventory exchanges," said the business enterprise in its draft papers filed on january 17.
The Karnataka-primarily based engineering answers business enterprise manufactures specialized, crucial and heavy precision-forged and machined additives for numerous industries and programs which includes power, defence, aerospace, railways, strength turbines, hydraulics, earthmoving, and high-give up engineering.
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With overall installed capacity of 38,000 MTPA in three manufacturing gadgets (Karnataka and tamil Nadu), Vinir Engineering competes with indexed entities like azad Engineering, MTAR technologies, and Balu Forge Industries. within the ultimate financial 2024, it furnished components to over 60 clients in india and the world over.
at the financials the front, the enterprise has recorded profit at Rs 29 crore for the fiscal 2024, up 8.eight percentage over previous financial. revenue for the zone ended march 2024 stood at Rs 229.5 crore, up 1.1 percentage over the monetary 2023. in addition, profit for six months ended september 2024 stood at Rs 20.2 crore on sales of Rs 103.four crore.
Pantomath capital Advisors is appointed as e-book running lead manager for managing the public problem.