Bengaluru-based Denta Water and Infra Solutions Limited, a seasoned player in the field of water engineering, procurement, and construction (EPC) services, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The Company had filed preliminary IPO papers with Sebi on December 11, 2023.
The IPO, with a face value of Rs 10, is entirely a fresh issue of up to 7.5 million equity shares with no offer for sale (OFS) component.
The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares on a private placement, rights issue, preferential issue, or any other method aggregating up to 1.1 million equity shares ("Pre-IPO Placement"). If such placement is completed, the fresh issue size will be reduced.
The proceeds from the fresh issue, to the extent of Rs 150 crore, will be used to meet working capital requirements.
Denta Water and Infra Solutions Limited were established in 2016 and have a commendable track record in infrastructure project installations, including groundwater recharging through recycled water. Denta Water has been a key contributor to addressing the rising demand for water-related solutions in the country.
SMC Capitals Limited is the sole book-running lead manager, and Integrated Registry Management Services Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE. |
