Electronics system design and manufacturing services provider Sahasra Electronics Solutions will launch its Rs 186-crore initial public offering for subscription on September 26. This is the second biggest public issue in the SME segment in the current calendar year 2024 after KP Green Engineering (Rs 189.5 crore) in March.
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The price band for the issue, which will close on September 30, has been fixed at Rs 269-283 per share.
The Uttar Pradesh-based company targets to raise Rs 186.16 crore through its public issue of 65.78 lakh equity shares at the upper price band. The IPO is a combination of fresh issue of 60.78 lakh shares worth Rs 172 crore, and an offer-for-sale of 5 lakh shares worth Rs 14.15 crore by the selling shareholder.
Promoter Amrit Lal Manwani, who holds 94.98 percent stake in the company, is the selling shareholder in the offer-for-sale.
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The anchor book of the public issue will be opened for a day on September 25. Half of the net offer size (the public issue less market maker’s portion) has been reserved for qualified institutional buyers, 15 percent for the non-institutional investors, and the remainder 35 percent shares for retail investors.
Sahasra Electronics Solutions that competes with listed entities like Kaynes Technology India, and Trident Techlabs will spend Rs 65.97 crore out of the net fresh issue proceeds for installation of additional plant and machinery at new manufacturing facility at Bhiwadi, Rajasthan, and Rs 22.93 crore for installation of additional plant and machinery by its subsidiary Sahasra Semiconductors.
Further, a Rs 40 crore will be utilised for working capital requirements, and the remaining IPO funds for general corporate purposes.
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With manufacturing facility in Noida, Uttar Pradesh, the company provides products and solutions like printed circuit board (PCB) assembly, box build, LED lighting, IT accessories, computer and IT hardware. Over 80 percent of its products and solutions exported certain global manufacturers in countries like United States of America, Rwanda, Tunisia, United Kingdom, Germany, Canada, Austria & Belgium in the fiscal 2024.
The trading in its equity shares will commence on the NSE Emerge, effective October 4. Hem Securities is the sole book running lead manager to the issue, while Bigshare Services is the registrar to the offer.
