Bedi Steels, Modern Diagnostic file draft papers with BSE SME to raise funds via IPO

Bedi Steels and Modern Diagnostic have filed draft papers with BSE SME to raise funds through an initial public offering (IPO).

The IPO of Ludhiana-based Bedi Steels -- a manufacturer and supplier of high-quality steel and alloy ingots -- is entirely a fresh issue of up to 18.24 lakh equity shares, with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP).

Proceeds from the Rs 33.31-crore issue will be utilised by the company to meet its working capital requirements, and the rest for general corporate purposes.

The company posted a revenue of Rs 168 crore and PAT of Rs 6.58 crore in FY24.

As per the DRHP of Modern Diagnostic, the IPO is entirely a fresh issue of up to 41 lakh equity shares with a face value of Rs 10 each.

New Delhi-based Modern Diagnostic & Research Centre is a healthcare service provider.

The net proceeds from the issue will be used for funding capital expenditure for purchase of medical equipment for diagnostic centres and laboratories, working capital requirement, repayment of debt and general corporate purposes.

The shares of both companies will be listed on the BSE's SME platform.