Home >Markets >Ipo >Craftsman Automation IPO price set at Rs1488-1490; issue to open on 15 March

MUMBAI: Craftsman Automation Ltd has priced its initial public offering (IPO) at Rs1,488-1,490 a share. The share sale will open on 15 March and close on 17 March, according to IPO documents.

The offer comprises a fresh issue of equity shares aggregating up to 150 crore and an offer for sale of up to 45,21,450 shares by promoter and existing shareholders.

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Srinivasan Ravi, K Gomatheswaran, Marina III (Singapore) Pte Ltd and International Finance Corporation will offload shares in the offer-for-sale.

Currently, Srinivasan Ravi owns 52.83% stake in the auto component maker, while IFC, Marina III (Singapore) and K Gomatheswaran hold 14.06%, 15.50% and 7.04% stake, respectively.

Proceeds from the issue will be used to repay some of the company's borrowings. As of September, the company had total secured borrowings--long term and short term--of Rs963.48 crore.

Headquartered in Coimbatore, the company has units across India namely Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur, and Chennai.

Axis Capital and IIFL Securities have been appointed as book running lead managers to the issue.

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