Narmadesh Brass’s IPO opens today

New Delhi: Gujarat-based Narmadesh Brass Industries, a manufacturer of brass products, announced on Sunday that its Rs 44.8-crore initial public offering will open for public subscription on the BSE’s SME platform on January 12. The initial public offering (IPO) will conclude on January 15. The company has fixed the IPO price at Rs 515 per share, Narmadesh Brass Industries said in a statement.

The public issue is a mix of fresh issue of up to 7 lakh equity shares and an offer for sale of a little over 1.7 lakh shares, aggregating to Rs 44.87 crore. The net proceeds from the IPO will be utilised for repayment of debt, purchase of machinery and equipment, funding working capital requirements and general corporate purposes.

“The net proceeds from the IPO will be utilised for purchasing advanced machinery and funding working capital requirements. Hitesh Dudhagara, MD of Narmadesh Brass Industries Ltd, said.