Sai Infinium Files Draft Papers For IPO

Sai Infinium Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering.

The IPO will consist only of a fresh issue of 1.96 crore equity shares at a face value of Rs 10 each, according to the DRHP dated April 2.

The company plans to utilise the capital to fund the setup of 17.4-megawatt hybrid power plant and purchase the cargo vessel for the ship breaking plant in Gujarat. It will also provide funding for the construction of the mild steel structures rolling mill in Gujarat and support other general corporate purposes.

Sarthi Capital Advisors Pvt. is the sole book-running lead manager and KFin Technologies Ltd. is the registrar of the offer. The shares of the company will be listed on both the NSE and BSE, the release said.

The Gujarat-based company focuses on three main business areas, manufacturing mild steel billets and thermo mechanically treated bars, shipbreaking, and real estate in Gujarat.

Its manufacturing unit produces MS billets and TMT bars using various raw materials, while its shipbreaking facility in Alang recycles ships to recover metal, which is then used to produce MS billets and TMT bars.