Rahee Infratech files IPO papers with Sebi, aims to raise Rs 420 crore

Rahee Infratech Ltd, an integrated railway civil engineering, manufacturing and construction firm, has filed preliminary papers with markets regulator Sebi for raising funds through an Initial Public Offering (IPO), comprising Rs 420 crore through fresh issuance of shares.

Apart from fresh issues, the offer will have an Offer For Sale (OFS) component of 27.8 lakh equity shares by its promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

The Kolkata-based company may also consider raising Rs 84 crore in a pre-IPO placement round. If such placement is carried out, the fresh issue size will be reduced.

Proceeds from the fresh issue to the extent of Rs 50 crore will be utilised for the purchase of machinery, equipment and vehicles; Rs 280 crore for funding the working capital requirements of the company and the rest for general corporate purposes.

Rahee Infratech is focused on providing manufacturing and construction services including the design, supply, ..