PNN

Mumbai (Maharashtra) [India], February 13: Thaai Casting Limited a distinguished automotive component manufacturer, has announced its plan to go public with an Initial Public Offering on February 15, 2024. The company is aiming to raise Rs 47.20Crore on upper band price through this IPO, with shares set to be listed on the NSE Emerge platform.

Also Read | East Bengal vs Mumbai City FC, ISL 2023-24 Live Streaming Online on JioCinema: Watch Telecast of EBFC vs MCFC Match in Indian Super League 10 on TV and Online.

The issue size is Up to 61,29,600 equity shares at face value of Rs 10 each.

Equity Share Allocation

Also Read | Google Rolls Out 'Companion Mode' to Google Meet App on Android and iOS Devices to Allows Users Participate in Meet Call Using In-Room Audio and Video Conferencing System.

- QIB Anchor Portion - Up To 17,34,400 Equity Shares

- Qualified Institutional Buyers (QIB) - Up To 11,56,800Equity Shares

- Non-Institutional Investors (NII) - Up To 8,67,200Equity Shares

- Retail Individual Investors (RII) - Up To 20,24,000Equity Shares

- Market Maker - Up To 3,47,200 Equity Shares

The net proceeds from the IPO will be utilized for Capital Expenditure Requirements, and General Corporate Expenses. The bidding for Anchor portion will open on February 14,2024 and close on the same day further IPO will open for public for subscription on February 15, 2024 and closes on February 20, 2024.

The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited. The Registrar to the Issue is Purva Sharegistry (India) Private Limited.

Anandan Sriramulu, Chairman and Managing Director of Thaai Casting Limited said, "I am glad to announce our upcoming IPO. As we embark on this journey, we are committed to upholding the highest standards in our manufacturing processes, ensuring that our offerings continue to exceed expectations in quality and reliability. With a dedicated team and a robust installed capacity, we are well-prepared to seize opportunities in the market.

With the proceeds from the IPO allocated for capital expenditure and general corporate expenses, we are poised to enhance our manufacturing capabilities and further solidify our position in the automotive component sector. This IPO marks the beginning of an exciting journey towards sustained success and innovation in our industry."

Mohit Baid, Executive Director of GYR Capital Advisors Private Limited said, "Thaai Casting Limited's IPO represents a significant opportunity for the company. With its established track record and expertise in the automotive sector, Thaai Casting is well-poised for continued success. We believe this IPO not only presents an opportunity to expand its operations but also signifies confidence in the company's future prospects. We are optimistic about the positive impact it will have on the industry landscape."

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)