IPO News

Craftsman Automation announces launch of it’s IPO on March 15

Auto component maker Craftsman Automation is set to launch it’s initial public offer on March 15 after receiving SEBI’s nod.

Moreover, the IPO comprises a fresh issue of equity shares aggregating up to an amount of Rs 150 crore.

Further, it also includes an offer for sale of up to 45,21,450 shares from promoter and existing shareholders.

The company has fixed the price band for it’s IPO at Rs 1,488-1,490 per share, according to reports.

It will utilize the net proceeds of the issue for repayment or pre-payment of certain borrowings.

These are either availed by the company or for general corporate purposes.

However, those off loading shares in the offer-for-sale are Srinivasan Ravi, K Gomatheswaran, Marina III and International Finance Corporation.

Meanwhile, the company has appointed Axis Capital and IIFL Securities as the book running lead managers to the issue.

Currently, IFC and Marina hold 14.06 per cent and 15.50 per cent stake, respectively, in the company.

Besides, Srinivasan Ravi owns 52.83 per cent stake and K Gomatheswaran has 7.04 per cent shareholding.

In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges.

Both BSE and NSE will list the shares of Craftsman Automation.

Incorporated in 1986, Craftsman Automation Ltd is a leading engineering organization that specializes in manufacturing precision components.

The company designs, develops and manufactures a range of engineering products.

Headquartered in Coimbatore, it has satellite units in various cities across India.

These cities include Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur and Chennai.

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