Ahead of SME IPO Gabion Tech raises Rs 8.2 cr from anchor investors

New Delhi, Jan 5 (PTI) Gabion Technologies India, a geotechnical engineering and infrastructure solutions firm, on Monday said it has collected Rs 8.2 crore from anchor investors ahead of its initial share sale in the SME segment on BSE.
    The company has allocated a little over 10.22 lakh equity shares at Rs 81 per share to eight entities, including HDFC Bank, 360-ONE group, and Neo Asset Management, aggregating to Rs 8.28 crore, according to a circular uploaded on BSE's website.
    The Rs 29.16-crore initial public offering (IPO) will open for public subscription on January 6 and conclude on January 8.
    The IPO is entirely a fresh issue of 36 lakh shares at a fixed price band of Rs 76-81 per share.
    Proceeds from the fresh issue will be used for working capital requirements, capital expenditure for the purchase of plant and machinery and general corporate purposes.
    Incorporated in 2008, Gabion Technologies India manufactures, designs, and installs services of Gabions, rockfall protection nettings, and geosynthetic materials to meet the requirements of infrastructure development and environmental protection projects.
    The company's shares are proposed to be listed on the BSE's SME platform.
    GYR Capital Advisors is the sole book-running lead manager for the IPO.

(This story has not been edited by THE WEEK and is auto-generated from PTI)