With the stock markets touching all-time highs, many new companies are looking to cash in on the euphoria by issuing new IPOs. One among them is Craftsman Automation Limited. Here are some of the important Craftsman Automation IPO details.
About the company
Incorporated in the year 1986, Craftsman Automation is essentially an engineering company that’s involved in manufacturing products for two major segments - automotive and industrial and engineering. In the automotive segment, the company manufactures aluminium, powertrain, and other products.
One of the primary advantages that Craftsman Automation enjoys over its competitors is its in-house capacity for both engineering and design. The company boasts of a great selection of customers, which includes some of the biggest names in the automotive industry.
With around 12 manufacturing facilities located in as many as 7 different locations in the country, the company raked in around Rs. 14,924 million during FY20.
Craftsman Automation IPO details
Let’s now move on to take a look at some of the key information of the latest IPO including the Craftsman Automation IPO date and the Craftsman Automation IPO share price band.
Craftsman Automation IPO date
The opening date of its upcoming IPO is 15th March, 2021 and the closing date is 17th March, 2021.
Craftsman Automation IPO issue size
The new IPO issue from Craftsman Automation includes a fresh issue of shares as well as an Offer for Sale (OFS) from the company’s promoters. The fresh issue of shares is likely to net the company around Rs. 150 crores.
On the other hand, through the OFS route, around 4,521,450 shares of the company are likely to be sold to the public. Here are the details of the promoters of the company and the quantum of shares they’re putting up for sale through the OFS route.
- Srinivasan Ravi - 130,640 equity shares
- Marina III (Singapore) PTE Limited - 1,559,260 equity shares
- International Finance Corporation - 1,414,050 equity shares
- K. Gomatheswaran - 1,417,500 equity shares
Craftsman Automation IPO share price
The Craftsman Automation IPO offer price is Rs. 1488. The issue type is ‘Book built portion’.
Craftsman Automation IPO listing
As with almost all the latest IPOs, the upcoming IPO from Craftsman Automation would also be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Craftsman Automation IPO objectives
The net proceeds from the fresh issue of shares would go towards the repayment or prepayment of the company’s borrowings and for other general corporate purposes.
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