Sealmatic India Limited announces opening of its Initial Public Offering under BSE SME Board
Feb 15, 2023
Thane (Maharashtra) [India], February 15 (ANI/BusinessWire India): SIL will open its Initial Public Offering starting from February 16th, 2023, and the issue will close on February 21st, 2023. According to the prospectus filed with BSE SME, 24,99,600 equity shares are offered at a price band of Rs. 220 Lower Band (LB) to Rs 225 Upper Band (UB) per Equity Share of Face Value Rs 10/- each.
Not more than 40 per cent of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") including Anchor, and not less than 18 per cent of the Net Issue will be available for allocation on a proportionate basis to Non- Institutional Investors and not less than 42 per cent of the Net Issue will be available for allocation to Retail Individual Investors.
SIL is a leading designer and manufacturer of mechanical seals for all kinds of rotary equipment for refinery, oil & gas, petrochemical, chemical, fertiliser, pharmaceutical, power, marine, pulp & paper, food & beverage, aerospace, and many more industrial applications.
According to the report from fortune business insights, the global industrial mechanical seals market is valued at USD 4.5 billion in the year 2021. The market is projected to grow to USD 6.8 billion by 2029, expecting a CAGR of 5.7 per cent.
Sealmatic is an OE supplier to KSB, Sulzer, KEPL, Andritz, KBL, RuhrPumpen, Wilo, SPX, Seepex, Duchting, ITT (USA), BHEL, Circor, Idex, Egger, PMSL, MSL, Xylem, Metso and many other renowned OEMS.
The company is API Spec Q1, ATEX - 2014/34/EU, DSIR, ISO 9001, 14001, 45001 & PED 97/23/EC QA-System, FDA, GMP, RoHS, REACH Certified Company. Additionally, the company is the only MSME mechanical seal company which has been approved by the Ministry Of Science & Technology.
Umar Balwa, Managing Director of Sealmatic India Limited says, "There are about 15000 high-quality SMEs located across the length and breadth of the country, engaged in high-end manufacturing in every field possible. There is going to be an industrial revolution in our country in the coming years, making India a powerhouse like Germany, Japan and South Korea. There are about 394 companies listed on BSE SME Platform, which have raised Rs 4,263 crores from the market and total market capitalization of 394 companies as on October 07, 2022, is about Rs 60,000 Crores. This says it all!"
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