Yogiji Digi IPO Update: Company raises ₹39 crore through pre-IPO placement

Yogiji Digi Ltd, an indigenous flat steel processing solutions provider, has raised ₹39 crore from investors through a pre-IPO placement ahead of its proposed initial public offering (IPO).

The company allotted 18,05,555 equity shares at ₹216 apiece to 11 investors in the placement undertaken on November 4.

The investors included RB4 Finance and Investment Co, Mayveen Partners, Sameeh Trinity Partners and Lunor Commercials Pvt Ltd, according to a public announcement on Thursday.

The company said the proceeds from the pre-IPO placement would be adjusted against the fresh issue component of the IPO, subject to applicable conditions.

Yogiji Digi, formerly known as Yogiji Digi Pvt Ltd, had filed draft papers with market regulator SEBI in July for an IPO.

The proposed initial share sale consists of a fresh issuance of shares valued at ₹270 crore and an offer for sale of 71.71 lakh shares.

Those offloading their stake under the OFS include promoters such as Navneet Singh, Sameer Bansal, Satish Kumar Tripathi, Navneet Gill (HUF) and Samir Bansal HUF and investors like S Gupta Family Enterprises, Anubhav Gupta Investments, Coinmen Special Opportunities and Anubhav Gupta Ventures.

The company intends to utilise the proceeds from the fresh issue to meet its working capital requirements, prepay or repay certain outstanding borrowings and for general corporate purposes.

"We expect to achieve the benefit of listing of the equity shares on the stock exchanges, enhancement of our company's visibility and brand name amongst our existing and potential customers and creation of a public market for the equity shares in India," it added.

Emkay Global Financial Services and Systematix Corporate Services are the book-running lead managers to the issue, while Bigshare Services is the registrar.

Yogiji Digi is one of the leading indigenous and integrated flat steel processing solutions providers in India, supplying flat steel processing equipment to domestic and international customers and providing end-to-end solutions across the cold-rolling and downstream processing market.