Austral Coke IPO to open on August 7 in Rs 164-196/share price band

MUMBAI: Austral Coke & Projects Ltd’s 72,60,000 equity share offering will open for public subscription on August 7. The IPO will also have a green shoe option of 10,89,000 Shares. The company has priced the Rs 10 shares in the band of Rs 164 to Rs 196. The issue closes on Aug 13.

Austral Coke is mainly manufactures low ash metallurgical coke. It is also in the business of equipment rental, refractory and textile trading. The company plans to use the IPO proceeds to finance its expansion. It is planning a 150,000 tonne per annum LAM coke unit and an 8 mw captive power plant through waste heat recovery. The project is coming up at Sindhudurg in Maharashtra.

The company also plans to utilize the funds for acquiring coal mines either in Indian or abroad and retire high cost debt.

Austral Coke has concluded pre-IPO placement of 27,40,000 shares to Somerset India Fund at Rs 196 per share, aggregating to Rs 53.70 crore.

CARE has assigned IPO Grade 2 to the issue, which is being lead managed by Allbank Finance.
Avdhoot Investment