EMS Ltd plans IPO in Sept
Water and sewerage infra player EMS Ltd on Thursday said it is planning to launch an initial public offering (IPO) in the next month to raise Rs300-320 crore.
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New Delhi: Water and sewerage infra player EMS Ltd on Thursday said it is planning to launch an initial public offering (IPO) in the next month to raise Rs300-320 crore.
Also, the company said it has completed the pre-IPO placement round and raised Rs33.76 crore through it, leading to a reduction in fresh issue size in the upcoming maiden public issue. In the pre-IPO placement round, the Ghaziabad-based firm issued 16 lakh equity shares at an issue price of Rs211 apiece, the company said in a statement. Accordingly, the size of the fresh issue has been reduced to Rs146.24 crore from Rs180 crore planned earlier. Besides, there would be an Offer of Sale (OFS) of 82.94 lakh shares by promoter and founder Ramveer Singh. At present, Singh holds a 97.81 per cent stake in the company. In March 2023, EMS Ltd filed draft papers with capital markets regulator Sebi to raise funds through the maiden public issue and has already received Sebi’s approval to go ahead with this IPO. Proceeds from the fresh issue will be used to fund working capital requirements and other general corporate purposes.
