Craftsman Automation to list shares at Rs 1,488 at least for March 15 IPO

Craftsman Automation, an engineering company, has said that its Rs 824 crore IPO will open for subscription on March 15, giving two major investors to partially exit through the listing.

The company has fixed the price band at Rs 1,488-Rs 1,490 per share with a face value of Rs 5 each.

The public issue comprises a 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.

Srinivasan Ravi, K Gomatheswaran, and Marina III (Singapore) Pte Ltd and International Finance Corporation will sell half of the shares.

Srinivasan Ravi owns has a 52.83 per cent stake in the company, while IFC, Marina III (Singapore) and K Gomatheswaran hold 14.06 per cent 15.50 per cent and 7.04 per cent.

The book running lead managers to the issue are Axis Capital Ltd and IIFL Securities Ltd, while Link Intime India Private Ltd is the registrar to the public issue.

Ravi said that the company will use part of the the IPO proceeds for financing Rs 120 crore in borrowings and the balance for general corporate purpose portion.

Craftsman Automation is a diversified engineering company, with vertically integrated manufacturing capabilities. The company owns 12 manufacturing facilities across seven cities in India.