Sandhar Tech IPO launch on 19 March, price band set at Rs327-332
GTI Capital, which currently holds a 17.47% stake or 8.93 million shares, is selling 6.4 million shares in the Sandhar Tech IPO
Mumbai: Auto parts maker Sandhar Technologies Ltd on Monday said it will be launching its over Rs500 crore initial public offering (IPO) on 19 March.
Sandhar has fixed a price band of Rs327 to Rs332 per share for the public offering. The share sale, which ends on 21 March, will also see private equity firm GTI Capital sell the majority of its stake through an offer for sale.
GTI Capital, which currently holds a 17.47% stake or 8.93 million shares, is selling 6.4 million shares in the IPO.
The offer for sale will see GTI Capital fetch Rs212.48 crore. It had invested in Sandhar in 2012.
The company itself plans to raise Rs300 crore in primary capital through the IPO. Of this, the company plans to use Rs225 crore to repay loans, while the rest will be used for general corporate purposes.
Incorporated 1987 by Jayant Davar, Sandhar started operations as a supplier to the Hero group. The firm manufactures 21 categories of products including safety and security systems such as lock assemblies, mirror assemblies, operator cabins for off-highway vehicles, aluminium spools, spindles, and hubs. It caters to 79 original equipment manufacturers.
Sandhar has 31 manufacturing facilities in India, two in Spain, and one in Mexico. It is in the process of commissioning five facilities in India.
For 2016-17, the company reported revenue of Rs1,374.3 crore, up from Rs1,293.3 crore a year earlier. In the same period, profit rose to Rs36.6 crore from Rs32.2 crore.
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