BMW Ventures Ltd. has filed preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering.
The IPO will comprise only of a fresh issue of 2.34 crore equity shares with no offer for sale component, according to the draft red herring prospectus filed with the markets regulator.
Sarthi Capital Advisors Pvt. will be the sole book-running lead manager and the shares will be listed on the National Stock Exchange and the BSE. Proceeds worth Rs 175 crore will be used for funding working capital requirements and a further sum will be allocated for general corporate purposes.
The Bihar-based company is involved in the distribution of long and flat steel products. The company deals in various steel products including TMT bars, GI sheets, HR sheets, wire rods, galvanised color-coated sheets, and doors.
It is also engaged in the distribution of tractor engines and spare parts to dealers. The steel distribution business contributed 97.56% and 98.10% to the revenue from operations for fiscal 2024 and fiscal 2023, respectively.
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