Veto Switchgears plans IPO to list on SME platform of NSE

MUMBAI: Veto Switchgears and Cables Ltd, engaged in the manufacture and sale of wires, cables and electrical accessories, has fixed the issue price band at Rs 48-50 per share to raise Rs 25 crore through initial public issue.

The equity shares are proposed to be listed on the SME Platform of the NSE - EMERGE. The issue will open for subscription on December 3 and closes on December 5.

The company intends to use issue proceeds for modernisation of existing facility at Haridwar in Uttarakhand with an outlay of Rs 4.7 crore; financing incremental long-term working capital requirement with a cost of Rs 15.80 crore and enhancement of brand through advertising and other brand-building activities with Rs 2 crore, a company statement said here.

The company manufactures industrial cables, strand cables to telephone and co-axial wires, general switches, modular switches, ceiling fans, rechargeable fans, compact fluorescent lamps and other electrical accessories at its Haridwar plant.

The book running lead manager to the issue is Keynote Corporate Services and co-book running lead manager is Indian Overseas Bank.