TechEra Engineering to Launch IPO, Aims to Raise ₹35.90 Crores

TechEra Engineering (India) Limited is set to open its Initial Public Offering (IPO) on September 25, 2024, targeting to raise ₹35.90 Crores. The funds will be used for capital expenditure, working capital, and technological upgrades. The IPO closes on September 27, 2024, with shares listed on the NSE Emerge platform.

TechEra Engineering (India) Limited is preparing to launch its Initial Public Offering (IPO) on September 25, 2024, with projections to raise ₹35.90 Crores. This strategic move will see shares listed on the NSE Emerge platform.

Set at a face value of ₹10 per share, the offering involves 43,77,600 equity shares. The price band is ₹75 to ₹82 per share, and the IPO will close on September 27, 2024. SKI Capital Services Limited will serve as the Book Running Lead Manager, while KFIN Technologies Limited takes on the role of Registrar.

Funds raised from this IPO are earmarked for significant upgrades including purchasing additional machinery, bolstering working capital, and leveraging advanced technologies like 5-axis machining and AR/VR for enhanced design capabilities. Managing Director Mr. Nimesh Rameshchandra Desai highlighted the IPO as pivotal for driving innovation and expanding TechEra's market leadership.

The aerospace and defence components sector in India is experiencing substantial growth, spurred by government initiatives like 'Make in India' and increasing demand in defence and commercial aviation. TechEra Engineering specializes in precision tooling and components, utilizing ISO 9001:2015 and AS9100D:2018 certified processes.

(With inputs from agencies.)