- SMEs are the foundation of India’s economic growth and account for at least 30 percent of the country’s GDP.
The issue opens on Feb 16, 2023 and closes for subscription on Feb 21, 2023. The equity shares of the company to be list at BSE SME.
NE BUSINESS BUREAU
AHMEDABAD, FEB 14
Sealmatic India Limited (SIL) is entering in the capital market with an IPO of 2,499,600 equity shares of Rs 10 aggregating up to Rs 56.24 Crore. The price for the issue has been set at Rs 220 – Rs 225 per equity share.
The issue opens on Feb 16, 2023 and closes for subscription on Feb 21, 2023. The equity shares of the company to be list at BSE SME.
Umar Balwa, Managing Director of Sealmatic India Limited says, “There are about 15,000 high quality SMEs located across the length and breadth of the country, engaged in high end manufacturing in every field possible. There is going to be an industrial revolution in our country in the coming years, making India a power house like Germany, Japan and South Korea. There are about 394 companies listed on BSE SME Platform, which have raised Rs 4,263 crores from the market and total market capitalization of 394 companies as on October 07, 2022 is about Rs 60,000 Crores.”
Incorporated in 2009, Sealmatic India Limited is engaged in the business of designing and manufacturing of mechanical seals and associated products. The Mechanical seals manufactured by the company are mainly used in pulp & paper, Oil & Gas, refinery, petrochemical, chemical, fertilizer, power, mining, aerospace, marine, pharmaceutical, and other industrial spaces.
Not more than 40% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs), including Anchor, and not less than 18% of the Net Issue will be available for allocation on a proportionate basis to Non- Institutional Investors and not less than 42% of the Net Issue will be available for allocation to Retail Individual Investors.
According to the report from fortune business insights, the global industrial mechanical seals market is valued at USD 4.5 billion in the year 2021. The market is projected to grow to USD 6.8 billion by 2029, expecting a CAGR of 5.7%.
Sealmatic is an OE supplier to KSB, Sulzer, KEPL, Andritz, KBL, RuhrPumpen, Wilo, SPX, Seepex, Düchting, ITT (USA), BHEL, Circor, Idex, Egger, PMSL, MSL, Xylem, Metso and many other renowned OEMS.
The company is API Q1 Spec, ATEX – 2014/34/EU, DSIR, ISO 9000, 14000, 45000 & PED 97/23/EC QA-System, FDA, GMP, RoHS, REACH Certified Company. Additionally, the company is the only MSME mechanical seal company which has been approved by the Ministry Of Science & Technology.
In India, the Small, and Medium Enterprises (SMEs) sector is a significant stakeholder in the Prime minister’s vision of Atmanirbhar Bharat towards building a $5 Trillion economy.
SMEs are the foundation of India’s economic growth and account for at least 30 percent of the country’s GDP.
Furthermore, the sector employs nearly 100 million people, making it the second largest source of employment in the country after agriculture. Thus, the development of this sector is critical to India’s future.
