Shera Energy seeks to raise Rs 35 crore via IPO

Shera Energy Limited, engaged in the manufacturing of winding wires and strips from copper, aluminium and brass, has proposed to open its Initial Public Offering (IPO) on February 7.

The company aims to garner Rs 35.20 crore through IPO and shares will be listed on NSE Emerge platform. The issue size is up to 61,76,000 equity shares out of which fresh issue will be up to 10,48,000 equity shares and OFS (offer for sale) will be up to 51,28,000 equity shares. Naseem Shaikh, Chairman and Managing Director of the company, said that the net proceeds from the IPO will be utilised to meet working capital requirements and for general corporate purposes.

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“With increasing demand for our products, we need working capital to fuel our growth and take the company to the next level and IPO funding will help us,” he said. The issue will close on February 9. The company has already placed 18,00,000 equity shares aggregating to Rs 10.08 crore in pre-IPO placement. Holani Consultants Private Limited is the Book Running Lead Manager to the issue. The company manufactures products of non-ferrous metals like copper, aluminium and brass under one roof.