Aditya Ultra Steel to Launch IPO on NSE Emerge

Aditya Ultra Steel, a manufacturer of TMT bars, is set to launch its Initial Public Offering (IPO) on September 9, 2024, aiming to raise ₹ 45.88 Cr. The company plans to utilize the proceeds for solar power plant installation and working capital. The IPO will be listed on the NSE Emerge platform.

Aditya Ultra Steel, known for its manufacturing of TMT bars under the Kamdhenu brand, is preparing to launch an Initial Public Offering (IPO) on September 9, 2024. The company aims to raise ₹ 45.88 Cr, with plans to list the shares on the NSE Emerge platform.

The issue consists of 74,00,000 equity shares at a face value of ₹ 10 each, with different quotas allocated for market makers, Qualified Institutional Buyers (QIBs), retail, and non-retail investors. The price band for the IPO is set between ₹59 and ₹62 per share, and the issue will close on September 11, 2024. The funds raised will be utilized for solar power plant installation, working capital, and other corporate purposes.

With a history of over 12 years in TMT bar manufacturing, Aditya Ultra Steel has a strong focus on the construction industry. Its manufacturing plant is located in Gujarat, and the company has a total installed capacity of 108000 MTPA. For the financial year ending March 31, 2024, the company reported revenues of ₹ 58,780.08 Lakhs. The lead manager for the IPO is Swastika Investmart Limited, and the registrar is Cameo Corporate Services Limited.