Krishca Strapping Solutions' IPO opens on 16th May 2023

Mumbai (Maharashtra) [India], May 12 (ANI/PNN): Krishca Strapping Solutions Limited, one of the leading manufacturer and wholesaler of high tensile steel straps, strapping seals and strapping tools has announced its plans to go public with an Initial Public Offering (IPO) on May 16th, 2023. The company is aiming to raise Rs 17.93 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size is 33,20,000 equity shares of Rs 10 each.
* Anchor Investor Bidding 15th May 2023
* Issue Size - 33,20,000 equity shares of Rs 10 each
* Issue Size - Rs 16.42 crore - Rs 17.93 crore
* Price Band - Rs 51 - Rs 54
* Market Lot Size - 2,000 Equity Shares
Equity Share Allocation
* Anchor Investor - 9,04,000 Equity Shares
* Qualified Institutional Buyers (QIB) - 6,04,000 Equity Shares
* Non-Institutional Investors (NII) - 4,54,000 Equity Shares
* Retail Individual Investors (RII) - 10,58,000 Equity Shares
* Market Maker - 3,00,000 Equity Shares
The net proceeds from the IPO will be utilized to fund capital expenditure for setting up of new strapping line (Rs 12.04 crore) and repayment of certain secured borrowing (Rs 3.75 crore). The issue closes on May 19th, 2023.
The Lead Manager to the Issue is Share India Capital Services Private Limited and The Registrar to the Issue is Purva Sharegistry India Private Limited.
Lenin Krishnamoorthy Balamanikandan, Chairman & Managing Director, Krishca Strapping Solutions Limited said,'' Our mission is to be one of the major players of the industry serving all leading customers. The IPO funding will enable us to expand our capacity, and strengthen our balance sheet by repayment of loan. We intend to grab major market share in the domestic market and enhance our presence in the export market with increased capacity and entry into packing contracts."
Anand Srivastava, Executive Director, Share India Capital Services Private Limited, a lead manager to the issue, said, "We believe that this offering will provide the company with the necessary resources to meet growth capital and enhance its market share."
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