Kalana Ispat Limited Set to Launch IPO on September 19, 2024

Kalana Ispat Limited plans to launch its IPO on September 19, 2024, to raise Rs 32.59 Crores. The funds will be used for capital expenditure, including a solar power plant and a rolling mill. Shares will be listed on the NSE Emerge platform.

Kalana Ispat Limited, a noted manufacturer of superior quality steel billets, will open its Initial Public Offering (IPO) on September 19, 2024, with the aim of raising Rs 32.59 Crores. The shares will be listed on the NSE Emerge platform.

The issue size encompasses Up To 49,38,000 equity shares at a face value of Rs 10 each. Allocation includes: 23,44,000 Equity Shares for Non-Institutional Investors (NII), 23,46,000 Equity Shares for Retail Individual Investors (RII), and up to 2,48,000 Equity Shares for Market Makers. Net proceeds from the issue will be allocated towards the installation of a solar power plant, the establishment of a rolling mill in Ahmedabad, and general corporate purposes. The issue will close on September 23, 2024.

Jawa Capital Services Private Limited is the Lead Manager, bringing seasoned expertise to navigate the complexities of the IPO. Skyline Financial Services Private Limited is the Registrar. Varghese Joseph Pottakerry, Managing Director of Kalana Ispat Limited, remarked, "We take great pride in our company's evolution and look forward to strategically investing in renewable energy and production enhancement for sustainable growth." Anoop Kumar Gupta, Director of Jawa Capital Services, added, "This IPO offers a valuable opportunity to engage with a company well-positioned to capitalize on industry growth and deliver long-term benefits."

(With inputs from agencies.)