Tamil Nadu-based Craftsman Automation Limited, a diversified engineering company, will be open for subscription on March 15, 2021. The price band of the offer is Rs 1,488 to Rs 1,490 per piece. The offer will close on March 17, 2021.
The company will issue an IPO of Rs 150 crore and an offer for sale of 45,21,450 equity shares by existing shareholders. Up to 1,30,640 shares will be offered by Srinivasan Ravi, who is the promoter selling shareholder. Meanwhile, investors Marina III (Singapore) Pte Limited and International Finance Corporation will divest 15,59,260 equity shares and 14,14,050 equity shares, respectively. Individual shareholder K Gomatheswaran will also sell 14,17,500 shares via OFS.
The company will utilise net fresh issue funds for debt repayment and general corporate purpose. The company has a debt of Rs 120 crore, as per the DRHP.
Investors can put in bids for a minimum of 10 equity shares and in multiples of 10 thereafter.
The total income of the company for the year ending March 31, 2020 was Rs 1,501 crore and for March 31, 2019 was Rs 1,831.6 crore. Being a capital intensive business, the company has expanded and upgraded their existing production facilities. For fiscals 2020, 2019 and 2018, the company’s capital expenditure was Rs 120.6 crore, Rs 455.9 crore and Rs 181.1 crore, respectively, which represented 8.39 per cent, 26.95 per cent and 12.24 per cent of their total expenditure for the respective periods.
Axis Capital Limited and IIFL Securities Limited are the Book Running Lead Managers to the issue.
The company exports products to over 20 countries across North America, South America, Europe and Asia.