Popular Foundation IPO Opens

Mumbai: Popular Foundations Ltd, a leading engineering and construction servicesfirm based in Chennai, Tamil Nadu has launched its Initial Public Offering (IPO) to raise Rs19.87 crore. This is a fresh issue of upto 53,70,000 equity shares with a face value of Rs10 each with shares to be listed on the BSE SME platform. The offering is open through 13-18 September and the issue price is fixed at Rs37. With a lot size of 3000 Shares and a market maker quota of 2,70,000 shares. Minimum retail application for the issue is 3,000 shares andminimum HNI application is 6,000 shares.The net proceeds from the issue are set to be utilized for,prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, to fund its working capital requirements and for General corporate purposes and the stock will be listed on 23 September. Srujan Alpha Capital Advisors Llp is the book running lead manager of the Popular Foundations IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. AS Venkatesh, MD, said: “Our Company with over 25 years of standing and a track record of consistent growth, PFL is recognised for it’s high quality and dependability. Our ‘ customer first’ approach has ensured enduring customer relationships.