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Noida NCR-based plastic injection moulding company Srigee DLM is set to launch its maiden public issue for subscription on May 5, all set to become the first IPO for the month of May.

Srigee DLM plans to raise Rs 16.98 crore via the initial public offering which consists of solely fresh issue of 17.14 lakh shares, with a price band of Rs 94-99 per share for the issue that closes on May 7.

Plastic injection moulding company Srigee DLM is a design-led manufacturing company, offering products for home appliance makers in the white goods sector, electrical components, and automotive applications. The company has an in-house die design and testing facility, along with polymer compounding, and assembly solutions, all under one roof.

The company intends to spend Rs 5.4 crore for setting up a manufacturing facility in Greater Noida, Uttar Pradesh, and Rs 9.51 crore for acquisition of machineries for the proposed manufacturing facility. The remainder of the IPO funds will be used for general corporate purposes.

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Half of the public issue is reserved for qualified institutional buyers, 35 percent portion for retail investors, and the remainder part for non-institutional investors. The company will finalise the IPO share allotment by May 8, while the trading in Srigee DLM shares will commence on BSE SME on May 12.

GYR Capital Advisors is acting as the book running lead manager for Srigee DLM IPO.

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