Ahlada Engineers IPO opens on 11th September
Steel doors and windows maker Ahlada Engineers Ltd (AEL) plans to raise around Rs.51 crore through its SME-IPO in the price band of Rs.147-150 for its Rs.10 paid-up equity share. The IPO comprises a fresh issue of up to 34,05,000 equity shares, which will be listed on the SME platform of NSE. The IPO proceeds will be utilized to repay certain identified loans, to purchase machinery, to fund working capital and other general corporate purposes. The issue closes on Tuesday, 18 September 2018.
AEL entered into an agreement with Tata Steel Ltd (TSL) last year, whereby TSL assured off-take of the doors manufactured. TSL sells these doors under the brand ‘Tata Pravesh’. AEL will, over the course of the agreement tenure i.e. 4 years with an additional extension of 11 months, manufacture ~11,75,000 doors for TSL. For FY18, AEL reported
PAT of Rs.8.09 crore on an income of Rs.127.89 crore. Its EBITDA and PAT margins stood at 16.26% and 6.33% respectively.