Shera Energy Limited, which manufactures winding wires and strips from copper, aluminium, and brass, has proposed a February 7 initial public offering (IPO).

The IPO is expected to raise Rs 35.20 crore, and shares will be listed on the NSE Emerge platform.

The issue size is up to 61,76,000 equity shares, with fresh issues amounting to up to 10,48,000 equity shares and OFS (offer for sale) amounting to up to 51,28,000 equity shares. The company's net proceeds from the IPO, according to Naseem Shaikh, Chairman and Managing Director, will be used to meet working capital requirements and for general corporate purposes.

"With the increasing demand for our products, we need working capital to fuel our growth and take the company to the next level and IPO funding will help us," he said.

The deadline for submissions is February 9.

In a pre-IPO placement, the company has already placed 18,00,000 equity shares worth Rs 10.08 crore. Holani Consultants Private Limited is the issue's Book Running Lead Manager.

Under one roof, the company produces nonferrous metal products such as copper, aluminium, and brass. Shera Energy's initial public offering (IPO) begins on February 7, 2023 and ends on February 9, 2023. The shares will be allotted on February 14th, and the issue will be listed on the NSE SME on February 17th.