Sona Machinery is set to launch its Initial Public Offering (IPO) as a book-built issue, aiming to raise Rs 51.82 crores through the issuance of 36.24 lakh fresh shares.
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Sona Machinery IPO Subscription WindowThe IPO subscription window is scheduled to open on March 5, 2024, and will conclude on March 7, 2024.
Sona Machinery IPO Allotment DateThe allotment results of Sona Machinery IPO are anticipated to be finalised by March 11, 2024.
Sona Machinery IPO Listing DateThe listing of Sona Machinery IPO on NSE SME is tentatively set for March 13, 2024.
Sona Machinery IPO Price BandThe IPO price band for Sona Machinery is established at Rs 136 to Rs 143 per share, with a minimum lot size of 1000 shares. Retail investors are required to invest a minimum amount of Rs 143,000, while High Net Worth Individuals (HNI) have a minimum lot size investment of 2 lots (2,000 shares), totaling Rs 286,000.
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Hem Securities Limited has been appointed as the book running lead manager for the Sona Machinery IPO, and Maashitla Securities Private Limited will serve as the registrar. Hem Finlease is designated as the market maker for the IPO.
Established in 2019, Sona Machinery Limited specializes in manufacturing agricultural machinery for processing various grains, including rice, pulses, wheat, spices, and Barnyard Millet. Their product range includes Grains Pre-Cleaner machines, Rotary Drum Cleaner, Vibro Classifiers, Stone Separator Machines, Paddy De-Husker, Husk Aspirator, Rice Thick/Thin Grader, Rice Whitener, Silky Polisher, Multi Grader, Length Grader, Belt Conveyer, Bucket Elevator, among others. The company exports its machinery to countries such as Nigeria, Bangladesh, Kenya, and Nepal.
The net proceeds from the IPO will be channeled towards funding the capital expenditure requirements for establishing a new manufacturing unit in Ghaziabad.
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Additionally, funds will be allocated for the repayment of outstanding amounts related to the Letter of Credit utilized for machinery purchases.
