Infrastructure company Desco Infratech is set to launch its initial public offering (IPO) for public subscription on March 24. The IPO consists of a fresh issue of 20.5 lakh shares, with no offer-for-sale (OFS) component.
The company has set the price band at ₹147-150 per share for the book-built issue. At the upper price band, the firm aims to raise ₹30.75 crore from the IPO. The proceeds from the issue will be used for setting up a corporate office in Surat (Gujarat), purchasing machinery, meeting working capital requirements, and general corporate purposes.
IPO Subscription and Allotment Details:
- Issue opens: March 24
- Issue closes: March 26
- Share allotment finalization: March 27
- Listing date on BSE SME: April 1
- Reservation:
- 50% for Qualified Institutional Buyers (QIBs)
- 35% for Retail Investors
- 15% for Non-Institutional Investors
Desco Infratech is a Gujarat-based company that provides infrastructure and maintenance services for the city gas distribution (CGD) sector. It also operates in the power division, offering installation, connectivity, commissioning, and erection of low-tension (LT) and high-tension (HT) cables.
Smart Horizon Capital Advisors is the sole book-running lead manager for the issue.
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Source: Moneycontrol.
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