Positron Energy Limited IPO to Open on August 12, 2024

 

Mumbai: “Positron Energy Limited”, a company specializing in Management and Technical Advisory Services for the Oil and Gas Industry, has announced its upcoming Initial Public Offering (IPO), scheduled to launch on August 12, 2024. The company aims to raise ₹51.21 crores at the upper band of the issue, with shares set to be listed on the NSE Emerge platform.

The IPO will offer up to 20,48,400 equity shares with a face value of ₹10 each. The allocation of equity shares is as follows:
QIB Anchor Portion: Up to 5,83,200 equity shares
Qualified Institutional Buyers (QIB): Up to 3,88,800 equity shares
Non-Institutional Investors (NII): At least 2,92,200 equity shares
Retail Individual Investors (RII): At least 6,81,600 equity shares
Market Maker: 1,02,600 equity shares

The net proceeds from the IPO will be used to meet working capital requirements and for general corporate purposes. The bidding for the Anchor portion will commence on August 09, 2024, while the issue will be open for subscription from August 12, 2024, to August 14, 2024.

Beeline Capital Advisors Private Limited is the Book Running Lead Manager for the issue, and Link Intime India Private Limited will serve as the Registrar to the Issue.

Rajiv Shankarankutty Menon, Managing Director of Positron Energy Limited, commented, “Our dedication to providing comprehensive solutions for gas distribution and management consultancy services has established Positron Energy Limited as a distinguished leader in the oil and gas sector. We are a quality-conscious company, striving to expand our service portfolio and complementing our clients' projects. We have entered into a collaboration agreement with ICOM North America LLC for the installation of ICOM Dual Fuel LNG conversion systems in on-road trucks weighing over 3.5 tons in India. This new system will reduce emissions and contribute to environmental sustainability through the utilization of LNG. The dual-fuel system offers cost-effective operation with flexible fuel ratios. The funds raised through this IPO will primarily support our working capital requirements and the advancement of this project.”

'Positron Energy Limited' is also in the process of obtaining technical approvals from the Automotive Research Association of India (ARAI) to ensure the new system meets operational standards and reliability.