Craftsman, backed by Standard Chartered PE, IFC, plans IPO

IFC was the first external equity investor in Craftsman in 2010 and has played an important role in making the company IPO-ready

Standard Chartered PE and IFC-backed precision automobile and industrial components maker Craftsman Automation Pvt (Craftsman) is planning to go in for an initial public offering (IPO). Ahead of listing, the company is raising around $30 million (around Rs 2 billion) to set up satellite factories and on expansions in various parts of the country.
 

IFC will invest up to $30.7 million as a loan to part finance the project. It would provide long-term debt funding with sufficient grace period, to finance the company's expansion, the World Bank’s investment arm said.
 

IFC was the first external equity investor in Craftsman in