Popular Foundations Limited Announces IPO Aiming to Raise Rs19.87 Cr

Popular Foundations Limited, a construction company specializing in various verticals, announces an IPO slated for September 13, 2024. The company aims to raise Rs19.87 Cr with shares to be listed on the BSE SME platform. The proceeds will fund debt repayment, working capital, and corporate purposes.

New Delhi, September 12: Popular Foundations Limited, a company with over 25 years in engineering and construction, announced its initial public offering (IPO) slated for September 13, 2024. The firm aims to raise Rs19.87 crore through the sale of 53,70,000 equity shares on the BSE SME platform.

Managing Director A. S. Venkatesh expressed confidence in the move, noting, 'Our customer-first approach has ensured enduring relationships. This IPO will enable PFL to expand operations, leverage technology, and enhance customer value.' The net proceeds from the IPO will repay outstanding borrowings, fund working capital, and address other corporate needs.

The IPO, with a fixed price of Rs37 per share, is open until September 18, 2024, with a tentative listing date set for September 23, 2024. Srujan Alpha Capital Advisors LLP is the lead manager, while Bigshare Services Pvt Ltd serves as the registrar. Partner Rajat Baid highlighted the company's 26% CAGR revenue growth over the past three years, emphasizing its healthy order book position.

(With inputs from agencies.)