Markolines Traffic Controls IPO will open on September 15Leading highway operations and maintenance (O&M) service supplying business - Markolines Traffic Controls' has prepared its preliminary public deal (IPO), which will open for membership on September 15.
As part of the public offer, the company is using 51.28 lakh equity shares at a price of Rs 78 per equity share (consisting of a premium of Rs 68) aggregating to around Rs 40 crore.Out of the total shares, 24,35,200 equity shares have been booked for each retail individual investors in addition to non-institutional financiers, according to the prospectus filed by the company to the stock market.
The closing date of the IPO is set as September 20.
The minimum order amount is 1,600 shares.
It is an SME IPO and the shares are proposed to be listed on BSE SME.
The company seeks to utilise the proceeds of the IPO to pay back debt, meet the working capital requirements, and for general business functions.
The huge players or developers of highways did not wish to diversify from their core service, we discovered a new business sector of helping them in Highway operations and upkeep.
India has the second-largest roadway network worldwide, spanning an overall of 6.21 million kilometers (km) and still growing every day, said Mr Sanjay B Patil, CMD of Markoline Traffic Controls Limited.
With the substantial market potential and being present in the market with efficiency and high qualifications, Markolines certainly have the advantage for sustainable growth in coming years, added Mr Patil.Established in 2022, the company's operations are primarily divided into highway operations (including route patrolling, toll operations, and incident management), highway upkeep, and specialized upkeep services (consisting of microsurfacing, base/ sub-base stabilization, and cold in location recycling).