Ludhiana's Bedi Steels and Delhi’s Modern Diagnostic Seek BSE SME Listing with Fresh IPOs

Bedi Steels and Modern Diagnostic have submitted draft documents with BSE SME for their planned IPOs. Bedi Steels aims to raise Rs 33.31 crore to support working capital and corporate needs. Modern Diagnostic’s IPO proceeds will be allocated to medical equipment and other financial requirements. Listings are planned on BSE’s SME platform.

Bedi Steels, headquartered in Ludhiana, and New Delhi's Modern Diagnostic have filed draft documents with BSE SME to launch their initial public offerings (IPOs).

Bedi Steels plans to issue 18.24 lakh fresh equity shares, each priced at Rs 10, amassing Rs 33.31 crore. The funds will support working capital demands and general corporate ends. The steel manufacturer reported a revenue of Rs 168 crore, with a profit after tax (PAT) of Rs 6.58 crore in FY24.

Modern Diagnostic targets a fresh issue of 41 lakh equity shares at Rs 10 each. Proceeds will finance medical equipment for diagnostics, address working capital needs, repay debt, and general corporate requirements. Both companies aim to list shares on BSE's SME platform.

(With inputs from agencies.)