Corrtech International has filed draft documents with the Sebi in order to generate funds through an IPO
- ByStartupStory | March 22, 2022
Corrtech International, the pipeline laying solutions supplier, has filed preliminary documents with the capital markets regulator Sebi to obtain funds through an initial public offering (IPO) (IPO). According to a draft red herring prospectus (DRHP) filed with Sebi, the public offering includes a fresh issuance of equity shares worth Rs 350 crore and a promoter offers to sell 40 lakh shares.
According to data compiled by Prime Database, this is nearly 4.5 times higher than the IPO fundraising in 2020 and nearly double that of 2017, which held the record for highest fundraising until now. In 2020, 15 companies will raise a total of 26,613 crores from the public market, compared to 36 companies raising a total of 68,827 crores in 2017.
The proceeds from the new issue will be used to cover debenture redemptions, debt payments, capital expenditures for the purchase of new equipment, equity injection into the subsidiary company, incremental working capital requirements, and general corporate reasons.
Corrtech International is one of India’s major pipeline laying solution suppliers, specializing in hydrocarbon pipeline laying. It also provides EPC (Engineering, Procurement, and Construction) solutions for process facilities in oil and gas refineries and petrochemical complexes for material and feed handling. Equirus Capital is the issue’s sole book-running lead manager.
Vedant Fashion, Adani Wilmar, AGS Transact, Fabino Life Sciences, Quality RO Industries, Maruti Interior Products, Alkosign, Safa Systems & Technologies, and Ekennis Software are among the 9 firms that have launched their initial public offerings in 2022. Eight of the IPOs gained on the first day of trading, while one was launched at a discount.
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