Sewerage solution provider EMS Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).
The IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer for sale of 82.94 lakh shares by promoter Ramveer Singh, Draft Red Herring Prospectus (DRHP) with the regulator showed on Tuesday. At present, Singh holds a 97.81 per cent stake in the company. The company may consider a pre-IPO placement of up to Rs 60 crore. If such placement is undertaken, the number of equity shares will be reduced from the issue.
Proceeds from the fresh issue will be utilised towards funding working capital requirements and other general corporate purpose. The company is engaged in the business of sewerage solution provider, water supply system; water and waste treatment plants, electrical transmission and distribution, road and allied works, operation and maintenance of waste water scheme projects and water supply scheme projects for government authorities. Khambatta Securities Ltd is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and NSE.
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