Manas Polymers Rs 23.5-cr IPO to open on Friday

New Delhi, Sep 25 (PTI) Manas Polymers and Energies on Thursday said it has fixed the price band at Rs 76-81 per share for the Rs 23.52 crore initial share sale which will open for public subscription on September 26.

The initial public offering (IPO) will conclude on September 30.

The IPO is entirely a fresh issue of 29.04 lakh equity shares. The company's shares will be listed on the NSE's SME platform, the company said in a statement.

Proceeds from the fresh issue will be utilised for funding of capital expenditure requirements towards setting up a solar power plant, funds will also be used towards purchase of fixed assets, and general corporate purposes.

"This IPO will enable us to accelerate our strategic growth plans, particularly in expanding our solar power capacity from 1 MW to 5 MW.

"The capital raised will not only fuel our expansion but also strengthen our position as a leading player in both the polymers and renewable energy sectors," said Vineet Bhadauria, MD of Manas Polymers and Energies Ltd.

Incorporated in January 2024, Manas Polymers and Energies manufactures premium food-grade PET preforms, bottles, jars, and caps. The company also engaged in the renewable power generation and distribution as an independent power producer.

Expert Global Consultants is the sole book-running lead manager, while Purva Sharegistry (India) Pvt Ltd is the registrar for the IPO. PTI HG HG MR