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19 Nov 2024
The shares of Pratham EPC Projects listed on the NSE SME platform with a premium of 51% on Monday. The stock debuted at Rs 113.3 as against an issue price of Rs 75.
Ahead of the listing, the shares of Pratham EPC Projects were trading at Rs 25 in the unlisted market.
The IPO received overwhelming response from investors with an overall subscription of over 166 times at close. The issue is entirely a fresh equity sale of 48 lakh shares and through the offer, the company aims to raise Rs 36 crore.
Funds raised from the IPO will be used for purchase of machinery, meet working capital requirements and other general corporate purposes.
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Pratham EPC Projects is an integrated engineering, procurement, construction and commissioning company in the business of end-to-end service providers to oil and gas distribution companies in India.
The company focuses on laying pipeline networks along with construction of associated facilities; and providing operations and maintenance services to the city gas distribution companies in India. It also offers a diversified range of pipeline and allied services for the oil and gas industry.
Over the years, it has successfully executed more than 12 projects with the major completed projects quantifying to approximately Rs 132 crore. The company's execution capabilities have grown significantly with time, both in terms of the size of projects that it bids for and executes.
As on February 23, 2024, Pratham had 8 major on-going projects, out of which 7 were worth Rs 296.6 crore and were confirmed based on letter of allocation.
As of April 2022, India’s oil refining capacity stood at 251.21 million metric tonnes per annum (MMTPA), making it the second-largest refiner in Asia and the fourth-largest in the world. Private companies owned about 35% of the total refining capacity.
For the period ended September 2023, Pratham's revenues stood at Rs 34.3 crore and net profit was at Rs 5.23 crore.
Beeline Capital Advisors acted as the lead manager to the issue and Link Intime India was the registrar.
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