Markolines Traffic Controls IPO will open on September 15
Leading highway operations and maintenance (O&M) service providing company – Markolines Traffic Controls’ has planned its initial public offer (IPO), which will open for subscription on September 15. As part of the public offer, the company is offering 51.28 lakh equity shares at a price of Rs 78 per equity share (including a premium of Rs 68) aggregating to around Rs 40 crore.
Out of the total shares, 24,35,200 equity shares have been reserved for each retail individual investors as well as non-institutional investors, according to the prospectus filed by the company to the stock exchanges. The closing date of the IPO is set as September 20. The minimum order quantity is 1,600 shares.
It is an SME IPO and the shares are proposed to be listed on BSE SME. The company seeks to utilise the proceeds of the IPO to repay debt, meet the working capital requirements, and for general corporate purposes.
“The big players or developers of highways did not want to diversify from their core business, we found a new business sector of helping them in Highway operations and maintenance. India has the second-largest road network in the world, spanning a total of 6.21 million kilometers (km) and still growing every day,” said Mr Sanjay B Patil, CMD of Markoline Traffic Controls Limited.
”With the huge market potential and being present in the market with performance and high credentials, Markolines certainly have the advantage for sustainable growth in coming years,” added Mr Patil.
Established in 2022, the company’s operations are mainly divided into highway operations (involving route patrolling, toll operations, and incident management), highway maintenance, and specialized maintenance services (including microsurfacing, base / sub-base stabilization, and cold in place recycling).
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