Racks & Rollers IPO Opens Apr 30: Rs 73-78/Share

New Delhi, Apr 29 (PTI) Storage racking system maker Racks & Rollers on Monday said its initial public offer will hit the capital markets on April 30 to raise around Rs 29.95 crore from public investors.

The public issue will open for subscription on the BSE's SME platform on Tuesday and will close on May 3, the company said in a statement.

The Bengaluru-based company, which is engaged in a storage racking system, with specialisation in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions has fixed the price band at Rs 73-78 per share.

The initial public offering (IPO) is only a fresh issue of up to 38.40 lakh equity shares of Rs 10 each.

At the upper end of the price band, the company will fetch up to Rs 29.95 crore. Investors can bid for a minimum of 1,600 equity shares and in multiples of 1,600 shares thereafter.

Of the total net proceeds to be raised through the issue, Rs 27.50 crore will be used to meet working capital requirements and general corporate expenses.

Incorporated in the year 2010, Racks & Rollers, a brand of Storage Technologies & Automation Pvt Ltd, was promoted by Mohammed Arif and Khasim Sait.

As of April 01, 2024, the total order book value of the Company is Rs 21.36 crore.

For the seven months ended October 31, 2023, revenue from operations stood at Rs 52.92 crore, and profit after tax stood at Rs 3.59 crore.

OneView Corporate Advisors Pvt Ltd is the sole book-running lead manager, while Integrated Registry Management Service is the registrar of the issue.

The equity shares are proposed to be listed on SME Platform of BSE Ltd.