Business News | Sharp Chucks and Machines Limited IPO Opened on 29th September 2023
Get latest articles and stories on Business at LatestLY. Mumbai (Maharashtra) [India], October 2: Sharp Chucks and Machines Limited, one of the few integrated companies with the capability to manufacture forging products, casting products, and machined components, has announced its plans to go public with an Initial Public Offering (IPO) which opened on 29th September, 2023. The company is aiming to raise ₹ 16.84 crore at the fixed price of ₹ 58 through this IPO, with shares set to be listed on the NSE EMERGE platform.
PNN
Mumbai (Maharashtra) [India], October 2: Sharp Chucks and Machines Limited, one of the few integrated companies with the capability to manufacture forging products, casting products, and machined components, has announced its plans to go public with an Initial Public Offering (IPO) which opened on 29th September, 2023. The company is aiming to raise ₹ 16.84 crore at the fixed price of ₹ 58 through this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size is up to 9,75,484 equity shares and offer for sale (OFS) is up to 19,28,516 at face value of ₹ 10 each. The selling shareholder in the OFS is SIDBI Trustee Company Limited A/C India Opportunities Fund.
Equity Share Allocation
* Non-Institutional Investors (NII) – Up To 13,78,000 Equity Shares
* Retail Individual Investors (RII) – Up To 13,78,000 Equity Shares
* Market Maker - 1,48,000 Equity Shares
The net proceeds from the IPO will be utilized for funding working capital requirements and for general corporate purposes. The issue closes on 05th October, 2023.
The Lead Manager to the Issue is Fedex Securities Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Ajay Sikka, Promoter & Managing Director of Sharp Chucks and Machines Limited said, “Sharp Chucks and Machines Limited is embarking on an exciting journey towards growth and innovation as we take the momentous step of going public. With a rich legacy spanning a remarkable 25 years, we have established ourselves as a reputable manufacturer and exporter in the industry. Our global footprint, extending across 30 countries, stands as a testament to our commitment to delivering high-quality lathe and power chucks, machine tools, and accessories. The IPO will serve as the catalyst for our growth, empowering us with the capital necessary to meet our working capital requirements and further our general corporate objectives. With a steadfast team and a devoted customer base, we are well-positioned for a prosperous and dynamic future.”
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