Shilpi Cable plans $11.66 Million IPO by end of this year
By siliconindia | Monday, August 30, 2010
Mumbai: Shilpi Cable Technologies, a Delhi-based radio frequency (RF) cables manufacturer, is set to go for an initial public offer (IPO) of around 56 crore ($11.66 million) by the end of 2010. The company is planning to file its draft red herring prospectus (DRHP) with SEBI this week. According to Shilpi Cable's Director, Manish Goel, the IPO proceeds will be used to set up a wire and cable assembly shop, expand its product portfolio and manufacture cables for 3G networks. The company will also manufacture low voltage power cables and cable accessories, he said. The company caters primarily to the telecom sector and its products are used in telecom towers. In FY'10, the company clocked a 170 crore turnover and a profit before tax (PBT) of 14.9 crore. While Goel would not disclose any figures, given the growth prospects of the industry, the company could double its turnover and profit after tax (PAT) in the next two years. About three months ago, Shilpi Cable set-up a new division to cater to the passive telecom infra space. The company would also be active in the cell-site roll-out across India for independent power infrastructure companies, its chief, Rajesh Suri, also a Director in the company added. The company is eyeing overseas markets in Africa and the Middle-East where there is a tremendous scope for its services.