Wiscon Industries raised Rs 25 crore through its anchor book on Monday ahead of its IPO. The public issue opens for subscription on October 27 and closes on October 29. The company fixed the price band at Rs 194–204 per share to raise Rs 110 crore for its future business needs.
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Wiscon Industries, a New Delhi-based supplier of consumer electronic products, on Monday raised Rs 25 crore through its anchor book ahead of the opening of its initial public offering (IPO).
The public issue will open for subscription on October 27 and close on October 29. The price band has been fixed at Rs 194–204 per share.
The company aims to raise Rs 110 crore through the IPO, which comprises 53.92 lakh equity shares, including a fresh issue of 43.14 lakh shares and an offer for sale (OFS) of 10.78 lakh shares by a promoter.
Wiscon Industries has finalised the allotment of 12.25 lakh equity shares to five anchor investors, including LRSD Capital, PSEB Alpha Fund and Mastergrowth 369 Alternate Investment Trust.
The company markets consumer electronic products, including LED televisions, air coolers, washing machines and air conditioners, under its flagship brand, Wiscon. It serves both business-to-business (B2B) and business-to-consumer (B2C) customers in India. In addition, the company sells electric scooters under a third-party brand.
Of the net proceeds from the fresh issue, Rs 50 crore will be allocated to its subsidiary, Dalmia Technologies, to finance capital expenditure on the purchase of plant and machinery and meet incremental working capital requirements.
A further Rs 17 crore will be used to meet the company's working capital requirements, while Rs 5.2 crore will be allocated to marketing and promotional activities. The remaining proceeds will be utilised for general corporate purposes.