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Published on 28/02/2020 4:16:41 PM | Source: Dion Global Solutions Ltd

SM Auto Stamping announces launch of initial public offering

Posted in IPO Top News| #IPO #Hem Securities Ltd

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SM Auto Stamping Ltd. has announced public offering of 3840000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 8.00 per share. The gross proceeds of the issue are expected to be Rs 691.20 lakhs.

The company's initial public offer (IPO) will open on 03 March 2020 and is expected to close on 05 March 2020, subject to customary closing conditions. The IPO includes a fresh Issue of 3840000 Equity Shares of the Company at an price of Rs 18.00 per Equity Share.

The company has fixed the minimum bid lot for the issue at 8000 shares with bids in multiples of 8000. SM Auto Stamping Ltd. anticipates using the proceeds of the issue for To meet Working Capital requirements, General Corporate Purpose, To meet issue expenses. Hem Securities Limited as lead manager & Bigshare Services Pvt. Ltd. is the registrar, to the issue.