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Corrtech International’s IPO gets SEBI nod, is there a chance for investors to earn money?

According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 350 crore will be issued under this IPO of Corrtech International.

Corrtech International IPO: There is good news for the people investing in IPO. The IPO of Corrtech International, a pipeline laying solutions provider company, has received the approval of market regulator SEBI. According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 350 crore will be issued under this IPO. At the same time, 40 lakh shares will be sold by the promoters of the company under the offer for sale (OFS).

Corrtech International had filed its papers with SEBI in March. The company has received an observation letter from SEBI on July 1. It is necessary for any company to obtain an observation letter from SEBI before bringing an IPO.

Fund will be used here

According to the draft papers, the proceeds from this IPO will be used for redemption of debentures and repayment of loans. Along with this, the fund will also be used for capital expenditure for purchase of new equipment, incremental working capital requirements of the company and for general corporate purposes.

Know about the company

Corrtech International deals in laying hydrocarbon pipelines in India and is one of the leading solution provider companies in this sector. It also provides EPC solutions (Engineering, Procurement and Construction) for process facilities for material and feed handling in oil and gas refineries and petrochemical complexes. Equirus Capital is the sole Book Running Lead Manager of the issue. (Input-PTI)

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