Craftsman Automation IPO to open on Mar 15, units worth band at Rs 1,488-1,490/share

Auto element maker Craftsman Automation on Tuesday fastened a worth band of Rs 1,488-1,490 a share for its Rs 824-crore preliminary public supply, which can open for subscription on March 15.
The three-day public concern will conclude on March 17, and the bidding for anchor traders can be open on March 12, Craftsman Automation stated in a digital press convention.
The IPO includes a contemporary concern 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 current shareholders.

Those offloading shares within the offer-for-sale are Srinivasan Ravi, Ok Gomatheswaran, Marina III (Singapore) Pte Ltd and International Finance Corporation (IFC).
Currently, IFC and Marina maintain 14.06 per cent and 15.50 per cent stake, respectively, within the firm. Besides, Srinivasan Ravi owns 52.83 per cent stake and Ok Gomatheswaran has 7.04 per cent shareholding.
The IPO is predicted to fetch Rs 824 crore on the higher finish of the value band.
Half of the difficulty is reserved for certified institutional consumers, 35 per cent for retail traders and 15 per cent for non-institutional bidders.
Net proceeds of the difficulty will likely be utilized for compensation or pre-payment of sure borrowings availed of by the corporate and for basic company functions.
In addition, the corporate expects to obtain the advantages of itemizing of the fairness shares on the inventory exchanges.
Axis Capital and IIFL Securities have been appointed as ebook operating lead managers to the difficulty. Shares of the corporate are proposed to be listed on BSE and NSE.
Earlier, the auto element maker had filed draft papers with Securities and Exchange Board of India (SEBI) in June 2018, and had acquired the regulator’s clearance for launching the IPO.
However, the corporate couldn’t launch the preliminary share-sale because of unfavourable market circumstances, merchants stated.

Headquartered in Coimbatore, the corporate has satellite tv for pc models throughout India together with in Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur and Chennai.