Falcon Technoprojects India Ltd, a Mumbai-based firm specializing in mechanical, electrical, and plumbing services, announced its intention to raise up to Rs. 13.69 crore through an initial public offering (IPO) on the NSE Emerge platform of the National Stock Exchange. The IPO, set to open on June 19 and close on June 21, will offer 14.88 lakh equity shares at a price of Rs. 92 per share.
Founded in 2014, Falcon Technoprojects caters to a diverse clientele including petroleum refineries, housing estates, nuclear power plants, and construction projects. The company plans to utilize the proceeds from the IPO primarily for enhancing its working capital and supporting general corporate purposes, aiming to fuel its expansion initiatives. The IPO details reveal a minimum lot size of 1200 shares, requiring a minimum investment of Rs. 1,10,400 per application. Kfin Technologies Ltd has been appointed as the lead manager for the public issue, which targets retail investors with a 50% quota of the net offer.
In the fiscal year 2023-24 up to January 2024, Falcon Technoprojects reported revenues of Rs. 10.37 crore and a net profit of Rs. 87 lakh. The company’s robust client portfolio includes prominent names such as BARC, BPCL, Air India, and L&T among others. Upon listing, Falcon Technoprojects India Ltd anticipates leveraging the capital raised to further solidify its market presence and sustain its growth trajectory in the competitive MEP (Mechanical, Electrical, and Plumbing) services sector.