Turbulent market conditions have forced IOT Infrastructure and Energy Services Limited to rejig the timing of its 800 crore initial public offering (IPO), but the company said it is confident of launching the issue before March.
The firm, which started as a dedicated player in oil tanking services in 1996 as an equal joint venture between Indian Oil Corporation Limited (IOC) and German company Oil Tanking GmBH, is ready with all the required permissions, but is constrained because of the choppy market conditions.
The Company was incorporated as Indian Oil Tanking Limited on August 28, 1996 under the Companies Act, 1956, and later was renamed to IOT Infrastructure & Energy Services Limited on December 1, 2008. The company's registered office is located at 103 Spectra, Hiranandani Business Park, Powai, Mumbai.
Please follow Draft Redherring Prospectus that is submitted to SEBI for more information.
IPO Definition: The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), the best offering price and the time to bring it to market.
Companies Act, 1956: This is the basic law which governs the creation, continuation, the winding up of companies and also the relationships between the shareholders, the company, the public and the government.
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