Positron Energy, engaged in the management and technical advisory services in the oil and gas industry, plans to raise ₹51 crore through an initial public offering on the NSE Emerge platform.
The company will issue up to 20.48 lakh equity shares in price band of ₹238-250 per share. Investors have to bid in the lot size of 600 equity shares in IPO which will open for subscription on Monday.
The net proceeds from the IPO will be used to meet working capital requirements and general corporate purposes.
Rajiv Shankarankutty Menon, Managing Director, Positron Energy, said the company has entered into collaboration agreement with ICOM North America LLC (New Hudson, MI), for installation of ICOM Dual Fuel LNG conversion systems in on-road trucks weighing over 3.5 tonnes in India.
“The dual-fuel system allows for cost-effective operation with the flexibility of fuel ratios. The fund raised will be primarily used for funding of working capital requirement,” he added.
The company has developed a significant gas aggregation business volume of about 35 MMSCM, primarily in natural gas, with distribution facilitated through common carrier pipeline networks.
As of March-end, Positron handled a daily portfolio of 4000-5000 MMBTU of gas, sourcing on-demand and managing long-term contracts with our customers.
In FY24, the company achieved a net profit of ₹9 crore on a revenue of ₹135 crore and EBITDA was at ₹12 crore.