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Rahee Infratech Limited, based in Kolkata, has submitted its draft red herring prospectus to SEBI for an IPO. The company aims to raise funds through a mix of fresh issues and an offer for sale. Proceeds will fund capital expenditure, working capital, and general corporate purposes. Currently, the company is actively involved in several bridge and track projects across India. View More

Kolkata-based Rahee Infratech Limited, an integrated railway civil engineering, manufacturing, and construction company in India, has filed its draft red herring prospectus ( DRHP ) with the market regulator SEBI to raise funds through an initial public offering ( IPO ). The IPO with a face value of Rs 2 per equity share is a mix of fresh issues of up to Rs 420 crore and an offer for sale of up to 2.7 million equity shares . The offer for sale consists of the sale of equity shares up to 1,059,843 equity shares by Pradeep Khaitan, up to 519,400 equity shares by Pawan Khaitan, up to 834,257 million equity shares by Ravi Khaitan, up to 52,500 equity shares by Nandini Khaitan and up to 314,857 equity shares by Shashi Khaitan. The company, in consultation with the book-running lead managers, may consider a further issue of equity shares through a private placement, preferential offer, or any other method aggregating up to Rs 84 crores, as pre-IPO placement shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced. The offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders. 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Around Rs 280 crore for funding the working capital requirements of the company and rest for general corporate purposes. As per the CARE report in its DRHP, it obtained a patent for an improved switch expansion joint design duly head hardened in 2008, resulting in an increased life potential. It also patented a Zero Restraint Fastening System for steel sleepers on bridges in 2002. Both are licensed to the Indian railways for mass usage. Rahee Infratech’s revenue from operations increased by 31.69% CAGR from Rs 556.84 crore in Fiscal 2022 to Rs 965.74 crore. Profit after tax increased to Rs 71.31 crore for Fiscal 2024 from Rs 37.81 crore for Fiscal 2022. IIFL Securities Limited and Equirus Capital Private Limited are the book-running lead managers to the issue and KFin Technologies Limited is the registrar to the offer. Rahee Infratech is focused on providing manufacturing and construction services including the design, supply, construction, and installation of tracks, turnkey bridge construction projects including both substructure and superstructure, and the design, manufacture, and supply of turnouts and track devices, rail fastening systems and sleepers. It is an RDSO-approved supplier of turnouts and special track devices to the Indian Railways. As of July 31, 2024, Rahee Infratech had 16 bridge projects and 12 track projects under execution across 18 states in India. Its order book as of March 31, 2024, was Rs 2,296.27 crore. Going forward the company intends to maintain its focus on bridge and track works and also plans to pursue new areas in construction such as viaducts from Metro Rail and railway projects. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

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