Renny Strips 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 fresh issue of shares worth Rs 300 crore. Apart from fresh issue component, there will be an offer for sale (OFS) of 1.2 crore equity shares by promoters.
The company plans to use proceeds from the fresh issue for setting up of a new facility to manufacture scaffolding and formwork systems along with ERW (electric resistance welded) pipes and tubes at Ludhiana, Punjab; upgradation of existing manufacturing units; payment of debt; and general corporate purposes. Pantomath Capital Advisors is the sole book-running lead manager to the offer.
Renny Strips offers a wide range of structural products across the value chain, from mild steel billets, wire rods, ERW pipes and tubes, and design driven scaffolding and formwork systems, having applications across a diverse end-use industry.
