Core4 Engineers targets $5.77M in BSE SME listing
What's the deal? Core4 Engineers opened its initial public offering (IPO) on October 23, aiming to raise US$7.44M through a fresh issue of 5,894,400 shares. The engineering firm priced the offering at US$1.2–US$1.26 per share and will list on the BSE SME platform on October 30.
Who's backing it? Ahead of the issue, Core4 allotted 1,544,400 shares to five anchor investors at US$1.26 apiece, a block worth roughly US$1.95M. Vikasa India EIF I Fund – Incube Global Opportunities took the largest slice at 52.21%, followed by LRSD Capital at 19.81% and Shine Star Build CSD at 13.99%. No mutual fund schemes participated.
What's the endgame? Core4 plans to use the proceeds to buy land and a building for a new manufacturing facility and corporate office. The rest covers working capital and general corporate purposes.
What does Core4 do? It is an engineering, procurement, construction and commissioning (EPCC) firm working across railway electrification, power transmission and distribution, water and wastewater treatment, and automation systems. It also manufactures high- and low-tension electrical panels and compact substations.
The details: The IPO closes October 27, with allotment expected October 28. The lot size is 1,200 shares, and the minimum application of 2,400 shares costs US$3.03K at the top of the band.
The signal: The listing adds another infrastructure-focused name to India's busy SME IPO market, where smaller industrial firms are tapping public capital to fund expansion rather than relying on private rounds.
Read more: ptinews.com
Image credit: Generated with Gemini
