SME IPO: The issue of Sealmatic India opened on Friday. Check Price Band

As per the prospectus filed with BSE SME, 24,99,600 equity shares are offered at a price band from 220 225 per equity share. The issue of Rs 56 crore will comprise a fresh issue of 18,50,00 equity shares in aggregate 41.6 crore for fund expansion plan and Offer for Sale (OFS) of 6,49,600 equity shares in aggregate 14.6 crores.

The gross proceeds of the issue will be employed for purchase of plant and machinery, product and sales development and other corporate purposes. ISK Advisors Limited is the Book Running Lead Manager SME IPO,

Not more than 40% of the Net Offer shall be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs) including anchors, and not less than 18% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors. And not less than 42% of the Net Offer shall be available for allocation to retail individual investors. Retail investors would be required to subscribe for 1 lot of at least 600 shares.

Incorporated in 2009, sealmatic is a manufacturer of mechanical seals with domestic and international customers in over 45 countries. Sealmatic mechanical seals are supplied to industry leaders in oil and gas, refinery, petrochemical, chemical, pharmaceutical, fertilizer, power, mining, pulp and oil. paper, aerospace, marine and other industries.

Umar Balwa, Managing Director, Sealmatic India Ltd. said, “India is one of the leading markets for mechanical seals. The increased adoption of mechanical seals by various industries is anticipated to drive the market. The benefits of sustainable development.”