KP Green Engineering Ltd, part of the Gujarat-based KP Group, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
Post-IPO, the company's shares will be listed on the small and medium enterprise platform NSE Emerge.
This is the second offering from the KP Group after KP Energy Ltd came out with its maiden public issue in 2016.
The IPO of KP Green Engineering is entirely a fresh issue of up to 1.31 crore shares with no offer of sale component, according to the draft red herring prospectus (DRHP) filed last week.
Proceeds from the fresh issuance worth Rs 156.14 crore will be utilised to partially finance the capital expenditure towards setting up a new manufacturing unit to expand its current production capabilities, expand the current product portfolio, and for general corporate purposes.
Founded in 2001, KP Green Engineering specialises in manufacturing fabricated and hot-dip galvanised steel items. Its extensive product range encompasses lattice tower structures, substation structures, solar module mounting structures, cable trays, earthing strips, beam crash barriers, and other infrastructure solutions.
KP Green Engineering clocked a profit of Rs 12.40 crore in FY23 against Rs 4.54 crore a year ago. Its revenue in FY23 increased to Rs 114.21 crore from Rs 77.70 crore in the previous fiscal, an increase of 47 per cent.
Beeline Capital Advisors is the sole lead manager of the issue.
