The initial public offer (IPO) of Desco Infratech received bids for 33,24,000 shares as against 14,73,000 shares on offer, as per BSE data as of 17:00 hours on Friday (24 March 2025). The issue was subscribed 2.25 times. The issue opened for bidding on Monday (24 March 2025), and it will close on Wednesday (26 March 2025). The price band of the IPO is fixed between Rs 147 to Rs 150 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on BSE's SME platform. The IPO comprises a fresh issue of 2,050,000 shares. The promoter and promoter shareholding will dilute to 58.12% from 79.29% pre-IPO. About 1,07,000 equity shares will be reserved for subscription by the market maker to the issue. The net issue comprises of 19,43,000 equity shares. The issue and the net issue will constitute 26.71% and 25.31%, respectively, of the post-issue paid-up equity share capital of the company. The company intends to utilize the net proceeds for funding capital expenditure requirements towards setting up a corporate office in Surat, Gujarat, funding capital expenditure requirements towards the purchase of machinery, funding working capital requirements of the company, and general corporate purposes. Ahead of the IPO, Desco Infratech on Friday, 21 March 2025, raised Rs 8.65 crore from anchor investors. The board allotted 5.77 lakh shares at Rs 150 per share to 3 anchor investors. Desco Infratech is an infrastructure company specializing in engineering, planning, and construction, with a strong focus on city gas distribution, renewable energy, water management, and power sectors. The company is engaged in pipeline laying, installation, testing, erection, and commissioning for piped natural gas (PNG) used by both domestic and commercial consumers. Desco Infratech excels in developing and constructing pipelines, roads, bridges, and other essential structures, with a particular emphasis on City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. The company has expanded its operations across over 55 cities in 14 states, laying over 4,000 kilometers of Medium-Density Polyethylene (MDPE) pipelines and providing more than 200,000 piped natural gas connections to residential, industrial, and commercial establishments. As of 31 December 2024, the company had 234 employees. The company recorded revenue from operations of Rs 22.63 crore and a net profit of Rs 3.38 crore for the period ended 30 September 2024. Powered by Capital Market - Live News |