Associated Power Structures has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 400 crore. Alongside fresh issue, there will be an offer-for-sale (OFS) of about 71.43 lakh equity shares by the promoters.
Proceeds from fresh issue to the tune of Rs 320 crore will be earmarked for payment of debt, and the rest for general corporate purposes. The company may consider a pre-IPO placement for up to Rs 80 crore. If such placement is completed, the size of the fresh issue will be reduced. IIFL Capital Services and Indorient Financial Services are the book-running lead managers to the public issue.
Incorporated in 1996, Associated Power Structures is an integrated manufacturing and EPC (engineering, procurement, and construction) player engaged in the design and production of lattice structures catering to the power transmission and distribution, wind energy, and telecommunication sectors.
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