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Innoventive Industries eyes up to Rs219.58 crore from IPO

Innoventive Industries eyes up to Rs219.58 crore from IPO
PTI
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First Published: Wed, Apr 20 2011. 03 43 PM IST
Updated: Wed, Apr 20 2011. 03 43 PM IST
Mumbai: Pune-based multi product engineering company, Innoventive Industries, on Wednesday said it plans to raise up to Rs219.58 crore from its initial public offer (IPO), scheduled to open on 26 April.
The issue will close on 28 April for qualified institutional buyers (QIB) to whom up to 50% of the issue will be allotted on a proportionate basis.
“We plan to raise up to Rs219.58 crore from this IPO. The company will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE),” Innoventive Industries chairman Chandu Chavan told reporters here.
The company may consider anchor investors for up to 30% of the QIB portion. Subscription for retail and non-institutional investors will close on 29 April. However, the company has not fixed a price-band for the IPO, he said.
Innoventive is engaged in the business of manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel products, he said.
The company plans use the IPO proceeds to expand its manufacturing facility (Rs163 crore), repayment of term loans Rs50 crore and the rest for general corporate purposes.
As on December, 2010, the company’s debt stood at Rs270 crore, he said.
“We plan to expand our CEW tubes capacity to 76,000 MTPA from the present 27,000 MTPA by March 2012,” he said. The company has six facilities -- five in Pune and one in Silvassa.
In February, the private equity arm of Standard Chartered had invested Rs30 crore in the firm, he said.
Axis Bank and Avendus Capital are the book running leading managers to the issue.
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First Published: Wed, Apr 20 2011. 03 43 PM IST