Sai Infinium files draft papers with Sebi to raise funds through IPO

Sai Infinium has filed draft papers with markets regulator Sebi seeking its clearance to garner funds through an initial public offering (IPO).

The Gujarat-based company's IPO is entirely a fresh issue of 1.96 crore equity shares with no offer-for sale (OFS) component, according to the draft papers filed on Wednesday.

The company plans to use funds to the tune of Rs 130 crore for setting up a 17.4-MW hybrid power plant, Rs 65 crore for the purchase of a rolling mill for mild steel (MS) structures, Rs 19 crore for buying a cargo vessel for the ship breaking plant and the remaining funds will be used for the company's general corporate purposes.

Sai Infinium operates in three primary segments, manufacturing of MS (Mild Steel)billets and TMT (Thermo Mechanically Treated) bars, ship breaking and real estate in Gujarat. Its manufacturing plant produces MS billets and TMT bars from various raw materials, shipbreaking facility in Alang recycles ships, recovering metal for use in production of MS billets and TMT bars.

Sarthi Capital Advisors is the sole book running lead manager responsible for managing the company's maiden public issue. The equity shares are proposed to be listed on the BSE and NSE.