Mumbai, Oct 18: United Heat Transfer Limited specializing in advanced heat exchanger equipment has announced its plan to go public with an Initial Public Offering (IPO) on Tuesday, 22nd October 2024. Through this IPO the company is aiming to raise 2999.56 Lakhs at the upper band, with shares set to be listed on the NSE Emerge platform.

The fresh issue of 50,84,000 equity shares at a face value of Rs.10 each.

Equity Share Allocation:

QIB Anchor Portion - UpTo 14,34,000 Equity Shares
Qualified Institutional Buyers (QIB) including Anchor Portion - UpTo 24,08,000 Equity Shares
Non-Institutional Investors (NII) - At least 7,28,000 Equity Shares
Retail Individual Investors (RII) - At least 16,92,000 Equity Shares
Market Maker - UpTo 2,56,000 Equity Shares

The net proceeds from the IPO will be utilized for working Capital Requirements, Repayment of Debt and General Corporate Purposes. The bidding for the Anchor portion will open on Monday, 21st October 2024, the issue will open for subscription for all other categories from Tuesday, 22nd October 2024 and close on Thursday 24th October 2024.

Over the past 3 decades, United Heat Transfer Limited has worked very hard to show beyond doubt that they are the pioneers in their industry, their long list of clientele has put their utmost trust in them to deliver heat exchanger equipment like Shell & Tube Heat Exchangers, Air Cooled Heat Exchangers, Marine Heat Exchangers, Moisture Separators, Automatic Backflush Filters, Pressure Vessels and Process Flow Skids etc. They have carefully created their equipment keeping the environment and sustainability at the top of their minds and hearts. United Heat Transfer Limited was founded on the foundation of serving the people with the utmost respect and made a commitment to serve their customers by partaking in educational programs and motivating the people. This expansion will allow them to extensively give back to the community and people by further growing their reach towards creating more solutions catered to environmental conservation and community welfare.

Yogesh Patil, Chairman and Managing Director of United Heat Transfer Limited expressed “We are elated to come out with our own IPO, this is a vital decision and moment for us. This IPO will allow us to strengthen our partnerships with our diverse clients both domestically and internationally by expanding into Europe, The USA, and Asian countries. This allocation will enable us to aggressively serve and work towards our goal of becoming the preferred choice for our stakeholders.”

Vivek Patil, Whole Time Director of United Heat Transfer Limited said “The Heat Exchanger Equipment industry has carved out its niche and now we have successfully expanded our clientele globally, our steady growth can be only accounted for by our motivation to strive for excellence in every aspect of our working. We have always kept our initiatives to create a sustainable living and creating an ecological impact at utmost priority, which resonates with our clients the most. With this IPO we want to expand our initiatives by serving more and more sectors.”

The Book Running Lead Manager to the issue is Swastika Investmart Limited.

Commenting on the development Sunil Nyati, MD, Swastika Investmart Ltd. “We are delighted to support United Heat Transfer Limited towards their journey to the public markets. The company's commitment to innovation and sustainability in the heat exchanger industry has positioned them as leaders, and this IPO marks a significant milestone for its growth. We are confident that this offering will unlock new opportunities for the company and its stakeholders.”

Read More Business News

Argus English | argus english | Odisha Latest News, Breaking News, Trending News, Live TV