WOG Technologies Files Draft Papers With Sebi for Rs 375 Cr IPO

WOG Technologies has filed draft papers with the capital markets regulator, the Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO).

According to the draft red herring prospectus (DRHP) filed on Sunday, the proposed IPO will comprise a fresh issue of equity shares aggregating up to Rs 375 crore. In addition, the issue will include an offer-for-sale (OFS) of 43.28 lakh equity shares by promoters and existing shareholders.

The company plans to utilise the proceeds from the fresh issue primarily to meet its working capital requirements. Part of the funds will also be used to acquire the remaining 50 per cent stake in Bell Cooling Towers, while the balance will be allocated towards general corporate purposes.

WOG Technologies operates in the industrial cooling and water management solutions space, catering to a wide range of industries. Further details regarding the issue size, price band and timeline will be finalised after regulatory approvals.

The IPO is subject to market conditions and Sebi’s approval of the draft documents.