Sarbottam Cement Started the Process to Issue IPO for 6 Million Shares

Sarbottam Cement Started the Process to Issue IPO for 6 Million Shares:

Sarbottam Cement has started the process to issue 6 million shares. The company on Wednesday appointed Global IME Capital as a sales manager, NIBL Ace Capital, and Prabhu Capital as co-sales managers for the IPO issue.

The company is going to issue IPO through book building. Out of the 15 percent of the paid-up capital, i.e. 6 million shares, the company will sell 2.4 million shares to institutional investors, 800,000 shares to local district residents, and the remaining 2.8 million shares to the public.

In the internal valuation of the company, the company has set a price of Rs 750 per share, but the final price will be determined by the eligible institutional investors through the bidding method.

The company has earned average earnings per share of Rs 52 in the last three years and Rs 2.31 billion in reserves till the end of the last fiscal year. The company has received a triple B rating from ICRA for issuing an IPO.