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IPO of Spectrum Electrical Industries Limited Opens on September 17, 2018

Posted On: 2018-09-13 15:43:54

Jalgaon based Spectrum Electrical Industries Limited is entering the capital market with an IPO to raise Rs. 25.87 Crores. The Issue opens for subscription on September 17, 2018 and closes on September 21, 2018. The Issue consists of a fresh issue of upto 39,80,000 equity shares of face value of Rs. 10 fully paid up for cash at a price of Rs. 65 per share. The equity shares will be listed on the SME platform of National Stock Exchange i.e. NSE EMERGE. Arihant Capital Markets Ltd is the Lead Manager to the Issue.

The Bids for equity shares can be made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares, thereafter (Non-Retail Investors) and for 2000 equity shares (Retail Investors). The Issue has allocation of 50% of Issue size to Retail and the balance 50% to Non-Retail Investors.

Spectrum Electrical Industries is an ISO 9001:2015 certified company, engaged in the business of designing and manufacturing of electrical, automobile and irrigation components as contract manufacturers and as component suppliers to leading industry players on Business-to-Business (B2B) model. Mr. Deepak Chaudhari started his entrepreneurial journey in 1995 with electroplating business and over past two decades added allied business activities of sheet metal fabrication, stamping, tool room, metal finishing & injection moulding under various group entities.

The businesses have been integrated with the Company with effect from April 1, 2017. Today, as a consolidated business enterprise, Spectrum is manufacturing and supplying a range of finished products directly to OEM customers' warehouses/distribution network from its 11 manufacturing plants located at Jalgaon & Nashik in Maharashtra. Company has recently implemented SAP S/4 HANA latest ERP software to manage the growing business. Company's product includes Distribution Boards & Metal Junction Boxes, Modular Electric Board Panels, MCB Base and Cover, AC Box and Calipers etc.

Its focus has been on providing one-stop-shop solutions mainly to manufacturers of electrical products and components in India. It offers integrated design and manufacturing solutions for local and internationally recognised brands in the electrical products industry. The Company has developed ability to manufacture most of these products from the concept and design stage up to the final delivery to the customer's distribution network thereby covering the entire value chain.

The proceeds of the IPO shall be used for setting up of zinc plating plant at Jalgaon, meeting long term working capital requirements and general corporate purposes.

The Company has reported turnover of Rs. 119.83 crores and a profit after tax of Rs. 5.90 crores. Company's net worth as at March 31, 2018 stood at Rs. 33.74 crores.

Source: Equity Bulls

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