Sebi approves Corrtech International’s to raise funds through IPO
- ByStartupStory | July 5, 2022
Provider of pipeline laying solutions Corrtech International has been given the go-ahead by capital markets regulator Sebi to raise money through an IPO (IPO). According to the Draft Red Herring Prospectus, the public offering consists of a new issuance of equity shares worth Rs 350 crore and a sale of 40 lakh shares by the founders (DRHP).
According to a Monday update from the markets watchdog, Corrtech International, which submitted preliminary IPO papers to Sebi in March, received a “observation” letter from the regulator on July 1. Its observation signifies authorisation to float an IPO in Sebi parlance.
According to the draught papers, the fresh issue’s proceeds will be used to service debt, support the capital expenditure for the purchase of new equipment, infuse equity into a subsidiary company, fund the company’s increased working capital needs, and for general corporate objectives.
One of the top specialists in pipeline laying solutions, including hydrocarbon pipeline laying projects in India, is Corrtech International. Additionally, it offers EPC (Engineering, Procurement, and Construction) solutions for process facilities that handle materials and feed in petrochemical complexes and oil and gas refineries.
The issue’s sole book-running lead manager is Equirus Capital.
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