Kaarya Facilities & Services Ltd.'s SME IPO Opens on October 12

ANI | Updated: Oct 09, 2017 17:48 IST

Mumbai (Maharashtra) [India], Oct. 9 (ANI-BusinessWire India): Mumbai-based Kaarya Facilities & Services Ltd. plans to enter the capital market with IPO of 1599000 equity shares of Rs. 10 each at a price of Rs. 40 per share, aggregating up to Rs. 6.40 Crore. The issue opens on October 12 and closes on October 17, 2017.

Bids can be made for a minimum of 3,000 equity shares and in multiples of 3000 equity shares thereafter.

Incorporated in 2009, Kaarya Facilities & Services Ltd. is a leading integrated facilities and property management company. The Company provides services to corporate, SMEs, Govt. institutions and residential segments. The Company offers specialized cleaning and hygiene services, housekeeping, pantry, MEP (Mechanical, Electrical, Handyman Services - repair and maintenance), pest control, landscaping, guest house management to Façade cleaning. Its prestigious clients include SEBI, Hiranandani Complex, Nahar Group, Rolta India Ltd. and Cushman & Wakefield.

The Company is promoted by Vineet Pandey and Vishal Panchal.

The Company proposes to utilize the net proceed from the issue to meet additional working capital requirements, purchase of equipment, purchase of ERP software and purchase of employees uniforms.

For the year ended March 31 2017, the total revenue of the company was Rs. 1067.08 lakhs. Net operating profit after interest was R. 98.96 lakhs and net profit was Rs. 66.43 lakhs.

The equity shares offered through the Draft Red Herring Prospectus are proposed to be listed on SME platform of BSE Ltd.

The book running lead manager of the issue is First Overseas Capital Ltd. and Registrar is Karvy Computershare Pvt. Ltd. (ANI-BusinessWire India)