Nitiraj Engineers is coming out with an initial public offering (IPO) of 22,00,800 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share. The issue will open on February 20, 2017 and will close on March 01, 2017. The shares will be listed on NSE Emerge Platform.
The company will use the issue proceeds for development of new products; setting up manufacturing unit for the existing and new range of products; expansion of marketing network and brand building; general corporate purposes and issue expenses.
The book running lead manager to the issue is Arihant Capital Markets, while the compliance officer for the issue is Rachna Kothari.
The company is an ISO 9001:2008 certified company and engaged in the manufacturing and selling of wide range of Electronic Weighing Scales and Systems, Currency Counting Machines and Electronic Fare Meters. The company’s product portfolio range caters to both industrial and domestic consumption.