Markoline Traffic Controls has curtailed a leading highway operations and maintenance service as the company plans to open its initial public offering (IPO) on September 15 and close the three-day issue on September 20.
The company plans to use the majority of the net issue proceeds to strengthen the company’s capital base and will be used for working capital needs.
According to the prospectus filed with the BSE, 51.28,000 shares are being offered at a price of Rs. 78.00 per equity share (including premium of ₹68.00 per equity share) aggregated to Rs. 3,999.84 lakh. Of the total number of shares, 24,35,200 shares were reserved for every private investor and non-institutional investor. Gretex Corporate Services Limited is the lead manager of the issue.
Markoline Traffic Controls Limited began operations in 2002, initially starting road marking and later in 2009 intended and ventured the business opportunity of operating and maintaining motorway projects. After the issue, the company expects sustained growth and improved visibility with its existing and potential customers with the increased capital.
The company’s main business activities are broadly divided into two categories: highway operations, which includes services such as toll services, route patrols, and accident management, and highway maintenance, which includes services such as routine maintenance, preventive maintenance, and major maintenance and repair (MMR).
Sanjay B. Patil, CMD of Markoline Traffic Controls Limited, said, “The major highways players or developers did not want to part with their core business, we have found a new business unit to help them operate and maintain highways. India has the second largest road network in the world with a total length of 6.21 million kilometers (km) and is growing every day. With the enormous market potential and the market presence with performance and high reference, Markolines certainly have the advantage for sustainable growth in the coming years. “
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