In all, Craftsman Automation seeks to raise Rs 824 crore, which will be used to repay or prepay borrowings as well as pay for general corporate purposes
The initial public offering (IPO) of Craftsman Automation will open on Monday (15 March). The price band of the engineering company’s IPO has been fixed at Rs 1,488 to Rs 1,490 per equity share. The registrar for the Craftsman IPO is Link Intime India Private Ltd.
Staying active for two days, the Craftsman Automation IPO will close on 17 March (Wednesday). As reported by The Economic Times, the company aims to raise Rs 150 crore with the equity shares and the offer of sale of up to 45.21 lakh shares by promoters and shareholders will raise Rs 674 crore. In all, the company seeks to raise Rs 824 crore.
The basis of the share allotment will be decided on 22 March while refunds will be initiated by 23 March. Demat accounts will likely receive a credit of shares on 24 March, the report said.
Craftsman Automation reportedly plans to use the funds raised to repay or prepay the borrowings. It will also be using some part of the money for general corporate purposes, a report in Business Today said.
The lot size of Craftsman Automation IPO is 10 shares and the cost is Rs 14,900. Individual investors can apply for as many as 13 lots which means a total of 130 shares worth Rs 1,93,700.
The listing of the Craftsman Automation IPO is likely to be on 25 March.
The Business Today added that 50 percent of the net issue can be subscribed by Qualified institutional buyers (QIBs). As much as 35 percent of the issue is for the retail category while the non-institutional investors have 15 percent of the issue reserved for them.
The engineering company will be listing its shares on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Formed in 1986, the company is involved in the designing, development and manufacturing of precision products. Some of the leading companies like Siemens, Escorts, Mahindra & Mahindra, Royal Enfield, Ashok Leyland and Tata Motors are the clients of Craftsman Automation.
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