[ad_1]
NEW DELHI: Sahasra Electronic, a homegrown manufacturer of electronics and printed circuit boards (PCB) is looking to raise Rs 186-crore through the initial public offer (IPO), for capital expenditure (capex) and working capital needs for scaling up the company’s semiconductor packaging unit.
The Delhi-based Sahasra Electronic Solutions Limited’s IPO is opening on September 26, 2024, and the subscription window would close on September 30, 2024, with the IPO allotment fixed for October 1, 2024.
“We are looking to raise Rs 186.16-crore through this IPO,” Amrit Manwani, chairman, Sahasra Group, told ET, adding that the company would use proceeds to invest in subsidiary — Sahasra Semiconductors Private Limited for financing its capital expenditure (capex) requirements towards installation of additional plant and machinery at a new manufacturing unit at Rajasthan’s Bhiwadi.
The company, according to Manwani, would also use funds to meet working capital needs and general-corporate purposes.
The issue has a price band of Rs 269-283, with the lot size of 400 shares. It includes fresh equity shares of of 65.78 lakh (Rs 172.01-crore), and an offer for sale of 5 lakh (Rs 14.15-crore) shares.
“Our semiconductor packaging facility has already started its operations. We are looking to scale it up in the next quarter,” the top executive added.
Last year, the company said that it would spend nearly Rs 350 crore in the next three-year period to step up manufacturing under the ‘Make in India’ programme and set up a semiconductor packaging facility.
Semiconductor packaging is one of the key areas of semiconductor design and manufacturing, and the wafers’ packaging – whether plastic, metal, glass or ceramic – protects them from chemical contamination and damage from the impact of light or heat.
It is also one of the beneficiaries of Centre’s ambitious production-linked incentive (PLI) scheme for IT hardware.
“We are the first company to do semiconductor packaging from memory plants and become the first company to get PLI (production-linked incentive) scheme, way back in 2020,” Manwani earlier said.
The company offers PCB products and IT goods to automotive, medical, and industrial sectors.
[ad_2]
Source link