Ghaziabad-based water and sewerage infra player EMS Ltd has completed a pre-IPO placement round and raised INR 33.76 crore, issuing 16 lakh equity shares at INR 211 apiece. The company plans to launch an initial public offering (IPO) next month.
The pre-IPO fundraise would reduce fresh issue size to INR 146.24 crore from INR 180 crore planned earlier. The IPO would see an Offer of Sale (OFS) of 82.94 lakh shares by the promoter and founder Ramveer Singh.
The company offers water and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants in Uttar Pradesh, Bihar, Uttarakhand, and Rajasthan. It has executed 67 projects over the past 13 years and has an order book of INR 1,775 crore, comprising 18 ongoing projects.
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