The shares of the company will be listed on the SME platform of the National Stock Exchange (NSE) Emerge, according to the draft red herring prospectus.
Vivro Financial Services is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.
Mumbai-based Eleganz intends to leverage its existing footprint and expand its presence in these key regions to further solidify its market position.
Proceeds from the issue worth Rs 25 crore will utilised by the company to repay outstanding debt and Rs 30 crore to fund working capital needs.
The remaining funds will be used for general corporate purposes. Eleganz offers a comprehensive suite of interior fit-out solutions for corporate and commercial spaces throughout India. Its expertise encompasses corporate offices, research & development facilities, laboratories, airport lounges, flexible workspaces, and commercial retail spaces. The company is led by Sameer Akshay Pakvasa, a founding member of the IGBC (Indian Green Building Council), which is actively involved in promoting the green building concept in India and has obtained platinum and gold “LEED” certifications for some of the projects executed for its clients.
In the first quarter of the current financial year ending June 2024, Eleganz generated revenue of Rs 80.76 crore with a profit (PAT) of Rs 3.85 crore.
For FY24, the company reported revenue of Rs 221.29 crore and a profit (PAT) of Rs 12.2 crore.
