ErisInfra Solutions IPO: ErisInfra Solutions Ltd has received the green signal from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPOThe company submitted its draft red herring prospectus (DRHP) to the market regulator on August 14, 2024.
ErisInfra Solutions Ltd. is a business-to-business (B2B) firm that uses technology to simplify and digitalize the construction material procurement process. The company sources materials from a network of vendors and supplies them to real estate and infrastructure developers and contractors.
The company supplies materials such as steel GI Pipe, MS Wire, MS TMT Bar, Soil, Sand, OPC and Wall Putty. According to its website, ErisInfra Solutions has supplied 1.5 lakh tonne bauxite, 10 meter MS TMT Bars 8 mm straight to Kalaburagi, Karnataka and 500 cubic meter 10 mm aggregate to Konkan division.
ErisInfra Solutions IPO Details
ErisInfra Solutions Ltd aims to raise Offering Rs 600 crore through public issue latest issue for face value of 2 per share.
The company aims to use the proceeds raised from the public issue to repay or partially repay certain of the outstanding borrowings. 204.60 crores. ArisInfra plans to use Rs 177 crore to meet its working capital needs.
The company is also considering investment Rs 48 crore into its subsidiary, Buildmex-Infra Pvt Ltd, to support the functioning of the firm. capital Requirements. ErisInfra is also considering buying shares from existing shareholders of its subsidiary, Erisunitaran Re Solutions Pvt Ltd. 20.40 crore and use the remaining funds for general corporate purposes and possible undisclosed inorganic acquisitions.
JM Financial Ltd, IIFL Securities Ltd and Nuvama Wealth Management Ltd are the bookrunners for the public issue, while Linkintime is the registrar to the offer.
peppermint It was earlier reported that popular investors like Siddharth Shah, co-founder of pharmacy Has 1.4 percent stake in the company.
The promoter group of the company includes Siddharth Shah, Raunak Kishore Morabia, Bhavik Jayesh Khara, Jasmine Bhaskar Shah, Priyanka Bhaskar Shah, Bhaskar Shah and Priyanka Shah Family Trust. Other key stakeholders include Aspire Family Trust, Think Investments PCC and Zen Assets Trust.
