Human resources and staffing services firm Spectrum Talent Management announced on Monday that it plans to raise Rs. 105 crore through its first share sale offering, which will open for public subscription on June 9. The completion of the initial public offering (IPO) is scheduled for June 14th. The company’s shares will be listed on the NSE Emerge, a platform for small and medium-sized companies, the company said in a statement.
The first share sale includes a new issue of 51.85 lakh shares and an offer for sale (OFS) of 8.92 lakh shares. The price range for the issue has been set at Rs 169-173 per share and the size of the IPO is priced at approximately Rs 105.14 crore at the high end.
Proceeds from the IPO will be used to support the Company’s working capital needs, acquisitions of companies in similar or complementary fields, for general corporate purposes, and to meet its issuing costs. The company’s goal is to capitalize on the growing demand for talent management services in an increasingly competitive business environment. Sarthi Capital Advisors Private Limited is the sole lead booker of the offering.
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