MUMBAI (Commodity Online): Readymade Steel India Ltd, pioneers of prefabricated steel in India (Readymade Steel) has opened its Rs 34.75 cr initial public offering (IPO) from Monday with a price band of Rs 90-108 per share. The issue closes on June 29, 2011.
The company would utilise the IPO proceeds to partly financing the expansion of existing facility at Khopoli, district Raigad, Maharashtra and setting up of new facilities near New Delhi and Raipur; pre-operative expenses including issue expenses; and working capital requirements.
"Readymade steel (RMS) was started in 2006 as a steel service provider to the infrastructure sector. Although the concept of prefabricated steel was prevalent in many parts of the world, it was not as widely known here in India. We take pride in being one of the pioneers of the concept of “Readymade steel” in India. We provide customised, prefabricated steel for various infrastructure projects. We have provided prefabricated steel to certain landmark and prestigious projects, according to details provided in the company website.
"At RMS, we cut and bend reinforcement steel ranging from a diameter of 6 mm to 40 mm using state of the art automated shearing lines and computerized stirrup making and bending machines. The software system used for cut and bend is one of the finest in India. We are an ISO 9001:2008 certified company."
Readymade steel has aninstalled capacity of 27000 MTPA for processing of steel used in the construction industry primarily reinforcement bars into various shapes and sizes like cranked bars, stirrups, verticals, column /beam cages etc.
Company is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry. Readymade Steel raised more than Rs 6.5 crore through pre-IPO placement. For the nine months period ended on December 2010, it reported profit after tax of Rs 2.32 crore on total income of Rs 84.94 crore,
