PNN
Mumbai (Maharashtra) [India], June 21: Shivalic Power Control Limited, a manufacturer specializing in electric panels, has announced its plan to go public with an Initial Public Offering (IPO) on June 21, 2024. The company is aiming to raise Rs 64.32 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up To 64,32,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 18,28,800 Equity Shares
* Qualified Institutional Buyers (QIB) - Up To 12,19,200 Equity Shares
* Non-Institutional Investors (NII) - Up To 9,14,400 Equity Shares
* Retail Individual Investors (RII) - Up To 21,33,600 Equity Shares
* Market Maker - Up To 3,36,000 Equity Shares
The net proceeds from the IPO will be utilized to meet working capital requirements, to fund capital expenditures including the procurement of new machinery and the construction of a new assembly line by adding a roof, to support inorganic growth through unidentified acquisitions, and for general corporate purposes. The bidding for Anchor portion will open on June 21, 2024, the issue will open for subscription for all other category from June 24, 2024 and closes on June 26, 2024.
The Book Running Lead Manager to the Issue is Corporate Capital Ventures Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Amit Kanwar Jindal, Founder & Managing Director of Shivalic Power Control Limited expressed, "At Shivalic Power Control Limited, we have built a robust foundation with over 20 years of industry experience. Our partnerships with industry leaders such as Siemens, Schneider Electric, L&T, and TDK highlight our commitment to quality and innovation. The upcoming IPO will provide the necessary funding to enhance our working capital, meet the growing demand for our panels, and drive expansion in the rapidly developing data center sector.
Our strategic focus on value added offerings like process automation, leveraging economies of scale, and improving product quality through direct sourcing from OEMs positions us well for future growth. Our emphasis on export markets, particularly in Africa and the Middle East, is contributing significantly to our expansion efforts. With a modern facility in IMT Faridabad and a dedicated team, we are prepared to capitalize on the emerging opportunities in the IT and data center industry in India. This IPO is a crucial step in supporting our strategic goals and continuing our legacy of excellence in the electric panels industry."
Kulbhushan Parashar, Director of Corporate Capital Ventures Private Limited said, "The demand for advanced electrical panels in India's burgeoning data center and renewable energy sectors is on a significant rise. Shivalic Power Control Limited, with its robust in-house manufacturing and strategic partnerships with industry leaders, Shivalic is well-positioned to capitalize on this growth. The IPO proceeds will fuel their efforts to expand production capacity, integrate smart technologies for enhanced efficiency and reliability, and solidify the market presence. This strategic investment underscores their commitment to meeting the evolving needs of our customers and contributing to India's renewable energy goals."
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