Shilpi Cable hopeful to launch Rs 56-cr IPO in January

NEW DELHI: Shilpi Cable Technologies, which is engaged in making cables for telecom sector, today said it hopes to hit the capital market with a Rs 55.88 crore share sale offering by January.

"We plan to launch our initial public offering by January, subject to regulatory approval," Shilpi Cable director Manish Goel told PTI.

The New Delhi-based Shilpi Cable Technologies Ltd (SCTL) has already filed draft red herring prospectus with the market regulator Securities and Exchange Board of India for the IPO.

The proceeds of the issue are proposed to be utilised for capital expenditure on wire assembly shop, which would require an investment of around Rs 8.65 crore, among others.

The company may also consider the participation by anchor investors for IPO, he added.

Shilpi Cable Tech's product portfolio includes RF (radio frequency) cables of various sizes for the telecom sector, low voltage power wires and cable accessories.

The company's factory is located in the Alwar district of Rajasthan.