Aditya Ultra Steel to Launch IPO on NSE Emerge Platform

Aditya Ultra Steel is set to go public with its IPO, aiming to raise ₹45.88 Cr. The funds will be used for solar power plant installation, working capital, and general corporate purposes. The company specializes in manufacturing TMT bars for the construction and infrastructure sectors.

Aditya Ultra Steel, a key player in the TMT bars manufacturing sector, announced its plans to go public with an Initial Public Offering (IPO) scheduled to open on September 9, 2024. The IPO aims to raise ₹45.88 crore at the upper band and will see shares listed on the NSE Emerge platform, offering 74,00,000 equity shares at a face value of ₹10 each.

The proceeds from this IPO are targeted for significant business investments, including ₹1535.00 lakh for the installation of a solar power plant and ₹1500.00 lakh to bolster the company's working capital. Additionally, funds will be allocated for general corporate purposes and public issue expenses. Swastika Investmart Limited will serve as the lead manager for the issue, with Cameo Corporate Services Limited acting as the registrar.

Sunny Sunil Singhi, a spokesperson for the company, expressed confidence in the IPO, citing the burgeoning demand for TMT bars driven by the construction and infrastructure sectors. Aditya Ultra Steel, which boasts over 12 years of history in the TMT bars industry and operates primarily in Gujarat, aims for this IPO to further solidify its market presence and support its future growth ambitions.

(With inputs from agencies.)