MUMBAI, 16 DECEMBER, 2024 (TGN): Transrail Lighting Limited one of India’s leading engineering, procurement and manufacturing companies has announced it’s IPO. The company will release new shares worth 400 crore rupees under IPO. Along with it, an Offer for Sale (OFS) of 1.01 crore equity shares by promoter Ajanma Holdings Pvt. Ltd.
IPO of Transrail Lighting Limited will open on December 19 and close on December 23. Anchor (big) investors will be able to bid for shares on December 18.Ajanma Holdings has 83.22 percent share in the Mumbai-based company.
The new corporation funds will be used to meet functional capital needs, support capital expenses and general company operations.
Transrail Lighting is mainly operating in the electricity transmission and distribution business sector. It has a presence in more than 58 countries.
The initial public offering of Transrail Lighting Ltd. is set to open on Dec. 19 with a price band of Rs 410 to Rs 432 per share, according to the price band advertisement on Monday. Bids can be made for a minimum of 34 shares, and then in multiples thereof. Transrail Lighting filed its preliminary papers with the capital markets regulator on March 14 and got its approval on Sept. 2.
The company has a price-to-earnings ratio of 22.05 times for the fiscal ended March 2024 at the upper end of the price band, the statement said. The company’s maiden public offer will comprise a fresh issue of shares worth Rs 400 crore and an offer-for-sale of 1.01 crore equity shares, solely offloaded by its promoter Ajanma Holdings Pvt. At the upper limit of the price band, the total offer size stands at Rs 836 crore.
The company initially proposed a fresh issue of equity shares worth Rs 450 crore and an offer for sale of over 1 crore equity shares, according to the draft red herring prospectus for the IPO. At present, promoters hold over 86% stake in the Mumbai-based company. The company may consider a pre-IPO placement of Rs 50 crore.
The shares will be listed on both the National Stock Exchange and the BSE. The IPO will open for subscription on Dec. 19, 2024, and close on Dec. 23, 2024. The anchor investor bid period will begin on Dec. 18, 2024.
Inga Ventures Pvt., Axis Capital, HDFC Bank, and IDBI Capital Markets & Securities are the book-running lead managers for the IPO. Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure, and the balance amount for general corporate purposes. Transrail Lighting is an engineering, procurement and construction company, with primary focus on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. It has a footprint in more than 58 countries. As of Sept. 30, 2023, the company has undertaken EPC of 33,500 circuit kilometers transmission lines and 30,000 CKM distribution lines, domestically and internationally.
