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Craftsman Automation IPO to open on March 15: Price band, lot size, issue size & other details

Craftsman Automation IPO: Price band for the IPO has been fixed at Rs 1488 to Rs 1490 per equity share

twitter-logoBusinessToday.In | March 9, 2021 | Updated 15:57 IST
Craftsman Automation IPO to open on March 15: Price band, lot size, issue size & other details
Craftsman Automation IPO comprises fresh issue of equity shares worth Rs 150 crore and offer-for-sale (OFS) of up to 45.21 lakh equity shares by promoters and existing shareholders.

Leading engineering firm Craftsman Automation's IPO will open on March 15.Price band for the IPO has been fixed at Rs 1488 to Rs 1490 per equity share. The IPO comprises fresh issue of equity shares worth Rs 150 crore and offer-for-sale (OFS) of up to 45.21 lakh equity shares by promoters and existing shareholders.

The company plans to utilise funds collected from IPO towards the following objectives; 1. To make reapayment/pre-payment of company's borrowing fully or partially. 2. To meet general corporate purposes.

It plans to raise Rs 150 crore through the IPO.

Lot size of the IPO is 10 shares at a cost of Rs 14,900. A retail-individual investor can apply for up to 13 lots (130 shares or Rs 193,700). The IPO will close on March 17. Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE and NSE. The book running lead managers to the issue are Axis Capital Ltd and IIFL Securities Ltd,

Craftsman Automation share is likely to list on March 25, 2021.

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Qualified institutional buyers (QIBs) can subscribe up to 50 per cent of the net issue, 15 per cent of the issue is reserved for non-institutional investors and the remaining 35 per cent for the retail category.

Craftsman Automation Ltd , which was incorporated in 1986, is engaged in manufacturing precision components. The company designs, develop, and manufactures a range of engineering products. It is one of the leading players in the machining of cylinder blocks for the tractor segment.

The company owns 12 state-of-the-art manufacturing facilities across 7 cities of India. Its customer base includes Tata Motors, Daimler India, Tata Cummins, Mahindra & Mahindra, Royal Enfield, Siemens, Escorts, Ashok Leyland, VE Commercial Vehicles, TAFE Motors & Tractors, etc.

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