IPO comprises a fresh issue of 64.32 lakh equity shares with a face value of Rs10 each
FinTech BizNews Service
Mumbai, March 14, 2024: Shivalic Power Control Limited, a leading electric panel manufacturer, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company’s initial public offering comprises a fresh issuance of 64.32 lakh Equity Shares, each with a face value of Rs. 10.
Corporate Capital Ventures Private Limited is Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the issue. In recent months, Corporate Capital Ventures Private Limited has completed a string of successful SME IPOs, including Alpex Solar, Esconet Technologies, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others.
The Faridabad-based company manufactures a diversified range of electric panels such as PCC panels, IMCC panels, Smart panels, MCC panels, DG synchronisation panels, Outdoor panels, HT panels up to 33KV, VFD panels, Power Distribution Boards, Bus Duct and LT & HT APFC panels. SPCL is authorised by industry leaders such as L&T, Siemens, Schneider Electric and TDK and serves more than 15 industrial sectors in India as well as abroad, including Nepal, Bangladesh, and African countries such as Uganda, Kenya, Nigeria, and Algeria.
According to DRHP, SPCL intends to utilize Rs. 30.02 crore of the IPO proceeds to meet the company's working capital requirement; Rs. 5.81 crore to procure new machinery; Rs. 1.82 crore to construct a new assembly line by shedding the roof; and Rs. 5.75 crore to fund inorganic growth initiatives through unidentified acquisitions. It will use the remaining capital for general corporate expenses.
SPCL operates a 1,25,000 Sq Ft manufacturing unit in Faridabad which is equipped with automated controls to maintain quality and productivity, ensuring rigorous quality control and safety throughout the production process. With a production capacity of 10,000 Verticals per annum, the facility is certified in accordance with international standards of quality management systems, environmental management systems, and occupational health and safety management systems as per ISO 9001:2015, ISO 14001:2015, ISO 45001:2018.
The company’s promoter, Mr. Amit Kanwar Jindal founded SPCL in 2004 with a low-voltage panel assembly with a vision to constantly provide quality products by adapting to the latest technologies. In the last two decades, it has served more than 500 clients in different industries such as sugar, papers, cement, steel, FMCG, automobile etc. SPCL’s reputed customers in the industry include Hewlett Packard, DCM Shriram, Rungta Mines, Reliance Cement, Kalpataru Power Transmission, Jindal Steel & Power, JSW, Bikaji Foods, Dabur, Radico, Naini Paper, J K Paper, Orient Papers, J K Cement, Escorts, Yamaha Motors and many more. The company sources the materials directly from industrial giants like L&T, Siemens, ABB, C&S and EPCOS.
Last year, SPCL started serving the data centre industry by bagging an order for LT works in the RBI Data Centre complex at Bhubaneshwar from Hewlett Packard Enterprise.
SPCL recorded a revenue of Rs. 63.55 crore and earned a profit (PAT) of Rs. 7.6 crore during the nine months of the current fiscal year, which ended December 31, 2023. The company achieved a revenue of Rs. 82.15 crore and a profit (PAT) of Rs. 7.16 crore in FY2022-23.
