On February 29, farm equipment manufacturer Sona Machinery announced its submission of draft papers to NSE’s small and medium enterprise platform, NSE Emerge, for an initial public offering (IPO) to raise funds.
The IPO will consist entirely of a fresh issue of 36.24 lakh equity shares, as stated by the company.
The funds raised from the IPO will be allocated towards establishing a new manufacturing unit to enhance operational capabilities and increase manufacturing output to meet the growing demand for its products.
Sona Machinery aims to address the rising demand for grain-processing equipment both domestically in India and across the market.
In the fiscal year 2023, the company reported revenue from operations of Rs 80.97 crore and a profit after tax of Rs 7.71 crore.
Hem Securities has been appointed as the sole book-running manager for the proposed offering.
