New Delhi: Craftsman Automation, a diversified mild engineering firm, has determined to launch its preliminary public providing for subscription on March 15.
The corporate and promoting shareholders in session have fastened a worth band of INR 1,488-INR 1,490 a share for its INR 824-crore preliminary public provide.
Headquartered in Coimbatore, Craftsman Automation manufactures engine heads, blocks and transmission elements, together with gear bins, for industrial autos, tractors, building equipment and utility autos.
The three-day public subject will conclude on March 17, and the bidding for anchor buyers can be open on March 12, Craftsman Automation mentioned in a digital press convention.
The IPO contains a recent subject of fairness shares aggregating as much as Rs 150 crore and an offer-for-sale of as much as 45,21,450 shares by promoter and the prevailing shareholders.
These offloading shares within the offer-for-sale are Srinivasan Ravi, Ok Gomatheswaran, Marina III (Singapore) Pte Ltd and Worldwide Finance Company (IFC).
At the moment, IFC and Marina maintain 14.06% and 15.50% stake, respectively, within the firm. In addition to, Srinivasan Ravi owns 52.83% stake and Ok Gomatheswaran 7.04% shareholding.
The IPO is anticipated to fetch INR 824 crore on the higher finish of the value band.
Half of the difficulty is reserved for certified institutional patrons, 35% for retail buyers and 15% for non-institutional bidders.
Web proceeds of the difficulty will likely be utilised for compensation or pre-payment of sure borrowings availed of by the corporate and for basic company functions.
As well as, the corporate expects to obtain the advantages of itemizing of the fairness shares on the inventory exchanges.
Its foremost prospects are Daimler India Industrial Autos, Tata Motors, Ashok Leyland, Mahindra & Mahindra and JCB.
