Aditya Ultra Steel to Launch IPO on NSE Emerge, Eyes Rs 45.88 Cr

Aditya Ultra Steel announces its Initial Public Offering (IPO) aiming to raise Rs 45.88 Cr. The IPO opens on September 9, 2024, and funds will be used for solar power installation, working capital, and corporate expenses. The company specializes in manufacturing TMT bars for the construction industry.

Aditya Ultra Steel is set to go public with its Initial Public Offering (IPO) scheduled for September 9, 2024. The company aims to raise Rs 45.88 Cr through the issuance of 74,00,000 equity shares, each valued at Rs 10. The shares will be listed on the NSE Emerge platform.

The net proceeds from the IPO will be allocated towards various business needs: Rs 1535.00 Lakhs for solar power plant installation, Rs 1500.00 Lakhs for working capital, and additional funding for general corporate purposes and public issue expenses. Swastika Investmart Limited is the lead manager for this issue, and Cameo Corporate Services Limited will serve as the registrar.

Sunny Sunil Singhi, representing Aditya Ultra Steel, expressed optimism about the company's future, citing the expanding TMT bar market in India driven by the construction and infrastructure sectors. Aditya Ultra Steel has a robust twelve-year history in TMT bar manufacturing, primarily serving clients in Gujarat. The company's manufacturing facility in Wankaner, Gujarat, boasts an installed capacity of 108,000 MTPA, with an additional 36,000 MTPA available on a job work basis.

(With inputs from agencies.)