Shilpi Cable to raise Rs 50 cr through IPO by December

NEW DELHI: Radio frequency cables manufacturer Shilpi Cable Technologies plans to raise Rs 50 crore through initial public offering (IPO) by end 2010 and also plans to file its draft red herring prospectus (DRHP) with market regulator Sebi this week.

Mr Manish Goel, Shilpi Cable's Director said, “We plan to launch our IPO of around Rs 56 crore by end this year. We will be filing our DRHP with Sebi for the same this week.”

The Delhi-based company will use the IPO proceeds to set-up a wire and cable assembly shop, expand its product portfolio and manufacture cables for 3G networks.

The company caters primarily to the telecom sector and its products are used in telecom towers. The company will also manufacture low voltage power cables and cable accessories.