MUMBAI - Presstonic Engineering, an Indian supplier of rolling stock and signalling products to global and domestic OEMs, is gearing up for its initial public offering (IPO) on the BSE SME platform with the goal of raising Rs 23.30 crore. The company has announced that it will offer 32.36 lakh equity shares priced at Rs 72 each. Notably, half of these shares are reserved for retail investors.
The IPO process will commence on Monday, December 11, and is scheduled to conclude on Wednesday, December 13. Following this, Presstonic Engineering is set to finalize the share allotments from its IPO on Thursday. Investors and market watchers can expect the company's shares to make their market debut the following Monday.
This public offering is led by Finshore Management, with Cameo Corporate Services appointed as the registrar for the IPO. Presstonic Engineering's decision to go public comes in a period where India's railway network is experiencing significant growth, serving around 24 million passengers daily and observing an annual freight traffic increase of approximately 8%.
For the quarter ending in September of FY23, Presstonic Engineering reported robust financials, with revenue standing at Rs 14.31 crore and profit at Rs 1.52 crore. The company's performance reflects a thriving railway sector in India and presents an opportunity for investors as it transitions to a publicly traded entity.
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