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Thejo Engineering to launch Rs 21 cr IPO on Sept 4

Press Trust of India/Mumbai 29 Aug 12 | 06:09 PM

Thejo Engineering today said it plans to hit the capital market on September 4 for raising up to Rs 21 crore through an initial public offering (IPO).

It would become the first company to be listed on the small and medium enterprises (SMEs) exchange platform of the National Stock Exchange, EMERGE.

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Four SME companies have already listed on rival BSE's SME Exchange.

Thejo Engineering proposes to enter the capital markets with a public issue aggregating up to Rs 21 crore through a book building process.

The company has fixed price band at Rs 402-430 per equity share of Rs 10 each, company President and CEO V A George told reporters here.

The three-day issue would close on September 6, Chennai-based Thejo Engineering said.

IDBI Capital Market Services Ltd is the sole Book Running Lead Manager for the issue.

Thejo Engineering, is an engineering solutions provider for bulk material handling, mineral processing and corrosion protection to core sector industries like mining, power, steel, cement, ports and fertilisers among others.

The company proposes to invest the net proceeds of the issue to set up a poly-urethane unit with investment of Rs 68.28 lakh, expansion of the existing facility with an investment of Rs 6.87 crore, setting up R&D unit with a total outlay of Rs 2.83 crore and setting up a lining plant with a total cost of Rs 1.69 crore, all at Chennai.

The company also proposes to investment Rs 6.42 crore in Thejo Australia Pty Ltd, its Australian subsidiary, George said.

The company will focus on offering belt conveyor related maintenance services and rubber lining activities, initially to clients in Western Australia.  It is also keen to establish a branch/subsidiary in Western Africa, he said.

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