Aggcon Equipments files DRHP with SEBI for Rs.332 crore IPO
Aggcon Equipments files DRHP with SEBI for Rs.332 crore IPO
Plans to use the proceeds to repay debt and buy new equipment
Haryana-based Aggcon Equipments International Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
A key player in India’s infrastructure equipment rental sector, the firm, founded in 2003, is preparing for an initial public offering (IPO) that includes a fresh issue of equity shares (Rs.332 crore) and an offer for sale.
The promoters Jitender Aggarwal and Renu Aggarwal plan to offload 94 lakh shares through the offer-for-sale route, with Jitender selling 54 lakh shares and Renu to divest 40 lakh shares.
Serving over 500 customers across 27 states and five Union Territories, the company offers a wide range of equipment including foundation, road construction, concrete, earth-moving, lifting, and material handling machinery.
According to the draft papers, Aggcon will use Rs.168 crore from the IPO proceeds to repay debt, Rs.84 crore to buy new equipment and the rest reserved for corporate requirements.
