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Powerful Technologies IPO on Aug 9

ANI  |  New Delhi [India] 

Powerful Technologies Ltd., a leading manufacturer of products like LED TV sets and Mobile Power Banks, is gearing up to hit the capital market with initial public offer (IPO).

Listing is proposed at NSE Emerge, the SME platform of the stock exchange. The company, which has its facilities in Noida, plans to use proceeds from the IPO to mainly meet its working capital requirement.

The promoters of the company are Nitin Chhabra, and which was setup in February 2015. It initially sold Mobile Power products under brand name 'Powereye' and 'Lappymaster'. The company is now an authorised licensee/approved manufacturer for and selling brand LED TVs and and brand Power Banks. Both are American popular brands.

"Since our company has consistently generated profits from the beginning and have a huge potential due to the brand we are carrying and the industry we are into, we hope for a positive response to our IPO from investors. Proceeds from the IPO will help finance our expansion plans," said Gupta.

Powerful Technologies generated gross revenue of over Rs. 62 crore from operations in 2017-18. The company has consistently generated profit from inception. Its profit before tax (PBT) margin stood at 9.93 per cent in 2017-18.

Aditya Gupta, 35, managing was earlier co-promoted Pioneer Computronix Pvt. Ltd., which ventured into IT and and reached a turnover of over Rs. 100 crore in 2016-17 and is continuously growing.

Karuna Chhabra, 37, is a of Powerful Technologies. She has a long experience in handling HR and administrative matters. Nitin Chhabra, 40, a of the company, is a by qualification. He has been the driving force behind the growth of the of the group.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 18:15 IST