Vasuki Global Industries, a procurement and processing agent, has submitted draft papers to SEBI, the capital markets regulator, with the intention of raising money through an initial share sale in the future.
The IPO does not include an offer-for-sale component; rather, it consists solely of the corporation issuing 1.4 crore equity shares, according to the preliminary documents filed on March 28.
The promoters of the business, the Mehta family, hold 86.67 percent of the company’s shares; the public owns the remaining 13.33 percent.
Out of the funds from the new offer, the Gujarat-based company plans to purchase goods transportation trucks for Rs 18.8 crore and establish a cement production facility by subsidiary Vasuki Cement for Rs 66.3 crore.
In addition, Vasuki Global provides procurement solutions for additional petroleum products, including oil and liquified petroleum gas, refractory materials, raw materials, and completed goods utilized in the building and cement industries. In general, the corporation serves a number of industries, including steel, cement, construction, and metals and minerals.
In the fiscal year that concluded in March of FY23, Vasuki Global reported an 8% year-over-year fall in standalone profit of Rs 13.5 crore, while revenue decreased by 19.4% to Rs 732.2 crore from the prior year.
