Innomet Advanced Materials Limited Announces IPO to Raise Rs 3,423.60 Lakhs

Innomet Advanced Materials Limited has declared its plan to go public with an Initial Public Offering on September 11, 2024. The company aims to raise Rs 3,423.60 lakhs through the IPO, with shares priced at Rs 100 each. The proceeds will be used for working capital, machinery purchase, and debt repayment.

PNN Mumbai (Maharashtra) [India], September 11: Innomet Advanced Materials Limited, a leading global supplier of a broad range of ferrous and non-ferrous metal alloys, has revealed its intention to go public with an Initial Public Offering (IPO) scheduled for September 11, 2024. The company plans to raise Rs 3,423.60 lakhs by pricing its shares at Rs 100 each, with the listing set for the NSE Emerge platform.

The IPO will consist of up to 34,23,600 equity shares with a face value of Rs 10 apiece. The allocation breakdown includes 16,26,000 shares for Non-Institutional Investors (NII) and another 16,26,000 for Retail Individual Investors (RII). Additionally, 1,71,600 shares will be allocated to Market Makers. The subscription period for the issue will close on September 13, 2024.

The proceeds from the IPO will be deployed for various purposes such as working capital, capital expenditure for purchasing machinery and equipment, and repayment of outstanding loans, apart from covering general corporate and issue expenses.

The lead manager for the IPO is Expert Global Consultants Private Limited, and the issue will be administered by Skyline Financial Services Private Limited. Vinay Choudary Chilakapati, the Managing Director and CEO of Innomet Advanced Materials Limited, expressed optimism about the IPO, stating that the funds raised will bolster the company's growth and operational expansion. Gaurav Jain, Director of Expert Global Consultants, also expressed confidence in the success of the IPO, highlighting the significance of the capital raised in strengthening the market position of Innomet Advanced Materials.

(With inputs from agencies.)