Business

Hemant Surgical IPO subscription to begin from May 24

Mumbai (Maharashtra) [India], May 22: The subscription of Hemant Surgical Industries Limited’s initial public offering (IPO) will start on May 24. The three-day subscription window will end on May 26. The company has fixed the price band for the offer at Rs 85-90.

The issue comprises up to 27,60,000 equity shares having a face value of Rs 10 each. The IPO constitutes a fresh issue of equity shares.

The Book Running Lead Manager to the IPO is Hem Securities Ltd.

The portion of the issue is not less than 35 per cent has been reserved for retail investors. The company has fixed the QIB quota at 50 per cent and the NII quota at 15 per cent.

The IPO allotment will be finalised on May 31, while initiation of allotment/refunds/unblocking of funds from the ASBA Account or UPI ID-linked bank account will take place on June 1. The shares of the company will be credited to the Demat account of successful bidders on June 2.

The equity shares of Hemant Surgical will list on the SME Platform of BSE (BSE SME). The listing is likely to take place on June 5.

Hemant Surgical, incorporated in 1989, is a Mumbai headquartered Company having more than three decades of experience in medical equipment and disposables. Its products cater to renal care, cardiovascular disease, respiratory disease, critical care and radiology. The company has  ISO Certified 1 Manufacturing unit & 2 Assembly units in Maharashtra with a total manpower of 172 employees. It also has exclusive distribution agreements with MNCs. In FY 23, achieved Revenue of Rs. 111 Crs with an EBITDA Margin of  9.32%   and PAT Margin of  7.01%.

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