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IPO

Abhishek Integration's to raise funding via IPO

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The initial public offering (IPO) of Abhishek Integration Ltd will open on 8 June and close on 11 June. The firm plans to issue 9.9 lakh shares at a price of INR 50 apiece, aiming to collect INR 4.95 crore. The issue comprises 54,000 shares for market participants. Remaining 9.36 lakh shares will be referred as net issue. Beeline Broking is the lead manager to the issue. The proceeds from the IPO will be used for incremental working capital requirements and general corporate purpose. Abhishek Integration is engaged in developing, operating, maintaining electrical and mechanical works and installations at airport terminals. For fiscal 2021, the company reported a revenue of INR 2.76 crore compared with INR 85.86 lakh a year ago, while net income was at INR 11.89 lakh, up from INR 3 lakh in the previous year. The company has around 24 projects in hand from the Airports Authority of India.