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Its revenue after tax surged to Rs 36.97 crore for the monetary yr 2023 from Rs 6.37 crore for the monetary yr 2022.
Precision engineering firm Shivalik Engineering Industries Ltd has filed draft papers with the market regulator Sebi to lift funds via an preliminary public providing (IPO).
The IPO is a mixture of recent situation of shares price Rs 335 crore and a suggestion on the market of as much as 41.3 lakh fairness shares by promoters and different shareholders, in response to the draft crimson herring prospectus (DRHP) filed with Sebi.
The general public situation additionally features a reservation for a subscription by eligible staff.
The Raipur-based firm intends to utilise the web proceeds from the recent issuance to the extent of Rs 179.24 crore for establishing a photo voltaic plant, Rs 50 crore for enlargement of present foundry capability by establishing a brand new foundry line, in addition to a portion of funds can be used for basic company function.
Shivalik Engineering Industries started its operations in 2007 with a deal with manufacturing casting parts, together with high-quality metallic components for varied sectors like automotive, agriculture, railways, and off-highway industries.
The corporate gives end-to-end options, overlaying all the worth chain via vertically built-in operations — from design and precision engineering to melting, casting, cleansing, machining, meeting, and reverse engineering companies.
It primarily provides precision engineering parts for industrial autos, tractors, off-highway autos, pipe fittings, and rail parts, providing 297 SKUs as of December 31, 2023.
Shivalik Engineering’s consolidated income from operations through the fiscal 2023 surged 65 per cent to Rs 666.21 crore from Rs 404.39 crore within the earlier yr.
Its revenue after tax surged to Rs 36.97 crore for the monetary yr 2023 from Rs 6.37 crore for the monetary yr 2022.
For the 9 months ended December 31, 2023, consolidated income from operations stood at Rs 521.18 crore and revenue after tax stood at Rs 55.64 crore.
Axis Capital and IIFL Securities are the book-running lead managers to the difficulty.
(Solely the headline and film of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Jul 01 2024 | 6:19 PM IST
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