Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Falcon Technoprojects India faced a challenging debut on the NSE Emerge, listing at Rs 84, which is an 8.7% discount from its issue price of Rs 92. The IPO, aimed at raising Rs 13.69 crore through a fixed price issue, comprised a fresh issue of 14.88 lakh shares.
The IPO subscription period ran from June 19 to June 21, 2024, with allotments finalized on June 24. Despite the lower listing price, the IPO attracted significant interest, being subscribed 65.32 times overall.
Specifically, the non-institutional investors (NII) category was subscribed 45.02 times, while the retail category saw 82.72 times subscription.
The company intends to use the IPO proceeds to address its working capital needs for FY24-25, support future growth plans, and cover general corporate purposes. The IPO was managed by Kunvarji Finstock Pvt Ltd, with Kfin Technologies Ltd serving as the registrar and Nikunj Stock Brokers acting as the market maker.
Established in 2014, Falcon Technoprojects offers mechanical, electrical, and plumbing services across India, catering to sectors such as petroleum refineries, residential townships, atomic energy, and civil construction. Its notable clients include Mumbai International Airport, L&T, BPCL, HPCL, Lodha Developers, Reliance Industries, and the Shapoorji Pallonji Group. Over the past three fiscal years, the company has completed over 145 projects for more than 50 clients across 17 states, with contracts totaling over Rs 40 crore.
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