There is good news for investors earning through Initial Public Offering (IPO). Actually, the IPO of Corrtech International, a pipeline laying service provider company, is about to come.
For this, the company has filed preliminary documents with the market regulator SEBI. This step has been taken by the company at a time when the market conditions are not good. The market is under tremendous pressure due to Russia-Ukraine war.
According to the Red Herring Prospectus (DRHP) filed with Sebi, equity shares worth Rs 350 crore will be issued in the public issue. This includes an offer for sale of 40 lakh shares by the promoters. The proceeds from this will be used for repayment of loans, capital expenditure for purchase of new equipment. Equirus Capital is the sole Book Running Lead Manager of the issue.
Let us tell you that Corrtech International works in laying hydrocarbon pipelines in India. It is engaged in material and feed handling in oil and gas refineries and petrochemical complexes.