With a plan to establish a pan-India presence, Pune-based Mitcon Consultancy and Engineering Services is entering the capital markets on October 15 with a fixed price public issue of 41 lakh equity shares of Rs 10 each at a premium of Rs 51 per share. Half of the shares on offer will be for non-retail buyers.

The ISO 9001:2008 certified company proposes to mop up Rs 25 crore through the IPO, the net proceeds of which will be utilised for setting up new offices in Bangalore, Hyderabad, Chennai, New Delhi and Ahmedabad and two environment testing labs.

The issue closes on October 18 and the shares are to be listed on Emerge, the SME platform of the NSE. Following the issue, the paid-up capital of the company, whose current shareholders are banks, financial institutions and State Government Development Corporations, will be Rs 12.10 crore, 33 per cent of which will be public holding.

“At present the average revenue generated stands at Rs 22 lakh per employee,” says Dr Pradeep Bavadekar, Managing Director, Mitcon, adding that over the last five years, the company’s revenue has seen a CAGR of 14.07 per cent while that for net profit has been 16.4 per cent.

With power plant consultancy and services, energy and carbon services and banking and finance currently the top three consultancy verticals, Mitcon plans to recruit around 100 people over the next 18 months and expand into sectors such as healthcare, food processing and textiles.

Mitcon’s revenue during the last fiscal stood at Rs 48 crore, while its PAT was Rs 9.97 crore.

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