- The initial public offering (
IPO ) of the Ahmedabad-based manufacturer of precision bearing cages is all set to open from September 14 to September 16. - The company plans to raise ₹755 crore through this IPO consisting of fresh issue of equity shares worth ₹455 crore and offer for sale by promoters of up to ₹300 crore.
- The company’s profit grew by over four times in the last three financial years.
The company plans to raise ₹755 crore through this IPO consisting of fresh issue of equity shares worth ₹455 crore and offer for sale by promoters of up to ₹300 crore.
The company’s business comprises two segments – engineering business and solar EPC business. Its engineering business manufactures bearing cages in brass, steel and polyamide materials; complex and specialised precision stamped components; welded assemblies and brass castings, among others.
Its solar EPC business provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.
The company supplies its products to over 25 countries across five continents i.e., North America,
The company’s profit grew by over four times in the last three financial years.
Money raised through the IPO will be utilised for debt payment, funding capital expenditure, purchase of machinery, infrastructure repairs and renovation of the existing production facilities, and for general corporate purposes.
The grey market premium (GMP) of the company’s shares are already at ₹150 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.
Here are some of the important details of the IPO:
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