Paluck Technologies to raise ₹33 crore via IPO on BSE SME

Paluck Technologies, a diversified engineering-services firm catering to the telecom and construction industries, intends to raise ₹33 crore through an initial public offering on the Bombay Stock Exchange's SME segment. The company will offer 68.76 lakh equity shares within a price range of ₹46 - ₹48 per share. The issuance will commence subscription on August 28, with anchor bidding set to commence on Thursday.

The net proceeds from the IPO will be utilised for capital expenditure, including the acquisition of new Ready-Mix Concrete machinery and DG sets, repayment of certain outstanding loans, and funding of working capital and general corporate purposes. Horizon Management has been designated as the Book Running Lead Manager, while Bigshare Services will serve as the Registrar.

Navin Katiyar, Paluck Technologies' Managing Director, noted that the company has evolved from a specialized service provider into an integrated platform addressing diverse requirements in telecom infrastructure and construction equipment. This transformation, driven by strong industry relationships and execution experience, will now focus on scaling operations.

The new investments are aimed at enhancing the firm's capacity to handle larger projects and meet the increasing demands of its customers. Narendra Bajaj, a Director at Horizon Management, highlighted Paluck Technologies' unique business model, which integrates telecom engineering services with an asset-backed construction equipment and Ready-Mix Concrete rental business.

The company's established execution capabilities, relationships with leading OEMs, and presence in various regions position it well to capitalize on ongoing infrastructure development. The IPO is expected to provide the financial backing necessary for the company's next phase of growth, primarily through investments in RMC machinery, DG sets, working capital, and repayment of specific borrowings.

The management believes that access to the capital markets will bolster the company's operational platform and facilitate the realization of its growth objectives with greater financial agility.