Sotefin Bharat to raise ₹90 cr via IPO on BSE SME platform

Sotefin Bharat, a turnkey provider of robotic and automated parking solutions, plans to raise Rs 90 crore through initial public offering on the BSE SME platform.

The company will issue 48 lakh equity shares in the price band of ₹ 178 - ₹ 187 a share.

The issue opens for bidding on Thursday while the anchor bidding starts on Wednesday.

The minimum bidding size has been fixed at 2 lots of 600 equity shares each.

The net proceeds from the IPO will be used for setting up a manufacturing facility in Kolkata, West Bengal, meeting capital expenditure requirements for the proposed new office premises, working capital and the general corporate purposes.

Choice Capital Advisors will be the book running lead manager while Bigshare Services has been appointed as the Registrar.

Arup Choudhuri, Managing Director, Sotefin Bharat said the company has consistently focused on delivering innovative automated parking solutions backed by engineering excellence and technological innovation.

The upcoming IPO will help the company to expand manufacturing capabilities, strengthen technology offerings and enhance our execution capacity, he added.

Ratiraj Tibrewal, Director, Choice Capital Advisors said the company’s focus on engineering innovation and automated parking solutions has enabled it to build a scalable business in a niche and growing market.

We believe this IPO will provide financial flexibility to expand manufacturing capabilities, strengthen execution capacity and capitalize on the increasing demand for smart parking infrastructure across India, he added.

Incorporated in 2012, provides mechanised and automated parking solutions. The company operates across India with support from Swiss Promoter Sotefin SA, Switzerland, a global innovator in automated parking systems since 1956.

Sotefin SA brings over six decades of engineering expertise, which complements the company’s business operations in the Indian market.

The company has completed over 58 projects and is executing over 30 ongoing projects across multiple locations including Delhi, Kolkata, Mumbai, Pune, Varanasi and Trivandrum, besides international markets such as the United States and Dubai.