Rulka Electricals IPO Opens May 16: Price Band Rs 223-235

New Delhi, May 13 (PTI) Integrated electrical services company Rulka Electricals on Monday announced that its initial public offering will hit the markets on Thursday to raise over Rs 26 crore.

The Mumbai-headquartered company has fixed the price band for the issue at Rs 223-235 per share.

The initial public offering (IPO) of Rulka Electricals Ltd (REL) will open on May 16 and conclude on May 21. The shares of the firm will be listed on the NSE's SME platform Emerge, the company said in a statement.

The IPO is a combination of a fresh issue of 8.42 lakh equity shares and an offer for sale of up to 2.8 lakh shares by selling shareholder Abhay Kantilal Shah HUF, with a face value of Rs 10 each through the book-building route.

Investors can bid for a minimum of 600 equity shares and in multiples thereof, it added.

The company intends to utilise the funds to meet its working capital requirement for expanding its business activities and for general corporate purposes and public offer expenses.

Beeline Capital Advisors Pvt Ltd is the sole book running lead manager, while Bigshare Services is the registrar for the issue.

Incorporated in 2013, REL is a turn-key project contractor offering solutions for all types of electrical and firefighting turnkey projects. The company also offers electrical contracting services for all types of industrial plants.