WOG Technologies files DRHP for IPO

WOG Technologies has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The IPO will comprise a fresh issue of shares aggregating Rs 3.75 billion and an offer for sale (OFS) of 4.33 million equity shares. In addition, the company may raise up to Rs 600 million through a pre-IPO placement. The proceeds from the issue will be utilised to the extent of Rs 2.2 billion for working capital requirements, Rs 450 million for the acquisition of a 50 per cent stake in Bell Cooling Towers, and the balance for general corporate purposes.