Manas Polymers Energizes IPO with Solar Expansion Ambitions

Manas Polymers and Energies announced the price band for its Rs 23.52 crore initial public offering (IPO) on Thursday, with shares set between Rs 76-81 each. The public offering will be open for subscription from September 26 to September 30, as stated by the company.

The IPO consists entirely of a fresh issue of 29.04 lakh equity shares, which will subsequently be listed on the NSE's SME platform. Funds raised will finance capital expenditures for a solar power plant, purchase fixed assets, and cover general corporate expenses.

Vineet Bhadauria, MD of Manas Polymers and Energies, highlighted that the IPO proceeds will propel strategic growth, especially elevating solar power capacity from 1 MW to 5 MW. Expert Global Consultants are managing the book-running for the issue, with Purva Sharegistry as the registrar.

(With inputs from agencies.)