Unimech Aerospace and Manufacturing will open its maiden offer for the public on December 23, 2024. The initial public offering (IPO) of the firm comprises a fresh issue of 63,69,424 shares and an offer-for-sale (OFS) of 31,84,712 shares.
Listing Date, Price Range
The firm plans to raise Rs 500 crore via the maiden listing. The issue has been priced in the range of Rs 745-785 per share and investors can bid for a minimum of 19 shares and in multiples of thereafter, reported Business Standard.
Retail investors would need a minimum investment of Rs 14,915 for the issue. The promoters of the firm partaking in the OFS include Mani P, Preetham S V, Rasmi Anil Kumar, Rajanikanth Balaraman, and Ramakrishna Kamojhala.
The issue will remain open for investors from December 23, 2024, to December 26, 2024. The allotment of the IPO is scheduled to be finalised on December 27, 2024. The shares of Unimech Aerospace will make their debut in the stock market on December 31, 2024.
The book-running lead managers of the issue are Anand Rathi Securities and Equirus Capital, while KFin Technologies is working as the registrar for the IPO. The red herring prospectus (RHP) of the issue revealed that the company will not receive any proceeds from the OFS component. The selling shareholders will remain entitled to their respective shares of the proceeds after reducing the offer-related expenses and relevant taxes.
The firm plans to utilise the funds raised from the listing for financing the capital expenditure related to expansion via the purchase of machinery and equipment and for catering to its working capital requirements.
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GMP
The issue was trading in the grey market at a premium of 61.15 per cent against the listing price, indicating the confidence among investors regarding the offer. The grey market runs parallel to the stock market and provided an unofficial space for investors to place their bets or trades in an issue before it begins trading officially.
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