WOG Technologies Sets Sights on IPO to Fund Expansion Plans

WOG Technologies, an environmental engineering firm, is preparing to raise funds via an IPO, including a fresh share issue worth Rs 375 crore and an offer-for-sale component. The funds will address working capital needs, acquire a 50% stake in Bell Cooling Towers, and support corporate objectives.

WOG Technologies has submitted initial paperwork to the Securities and Exchange Board of India (Sebi) for a significant capital raise through an initial public offering (IPO). This initiative encompasses a fresh share issuance valued at Rs 375 crore.

The IPO will also feature an offer-for-sale (OFS) segment, involving 43.28 lakh equity shares offloaded by promoters and current shareholders as per the draft red herring prospectus (DRHP) lodged recently.

The capital accrued from the fresh share issue will finance WOG Technologies' working capital necessities, facilitate the acquisition of the remaining 50% ownership in Bell Cooling Towers, and serve general corporate purposes.

(With inputs from agencies.)