Bharat Wire Ropes, a speciality wire ropes manufacturing company, aims to raise Rs 70 crore through its IPO.
Aiming to tap the upbeat investor sentiments, two companies, HealthCare Global Enterprises (HCG) and Bharat Wire Ropes, will hit the capital markets this week.
The initial public offer of HCG will open on March 16 and close on March 18, while that of Bharat Wire Ropes will begin on March 18 and conclude on March 22.
The IPO of HCG comprises fresh issue of up to 1.16 crore equity shares and an offer for sale of up to 1.82 crore shares by its existing shareholders. PIOF, an investment vehicle of Azim Premji’s PremjiInvest, plans to sell shares through offer for sale. PIOF holds 21 per cent stake in the company.
The company has fixed the price band at Rs 205-218 for its IPO.
The proceeds of the issue will be used for purchasing medical equipment, investment in IT software, services and hardware, pre-payment of debt crore and for other general corporate purposes.
Kotak Mahindra Capital Company, Edelweiss Financial Services, Goldman Sachs (India) Securities, IDFC Securities, IIFL Holdings and Yes Bank are the book running lead managers to the issue.
Bharat Wire Ropes, a speciality wire ropes manufacturing company, aims to raise Rs 70 crore through its IPO. The offer would also include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.
Proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon, Maharashtra and for other general corporate purposes.
The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The shares of these companies are proposed to be listed on the BSE and the National Stock Exchange (NSE).
Since the beginning of 2016, three firms — Quick Heal Technologies, TeamLease Services and Precision Camshafts — have already hit the Dalal Street.