Craftsman Automation will present IPO, petition filed with SEBI

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Auto parts company Craftsman Automation plans to raise money from the primary market. In this regard, the company has filed a petition with the capital market regulator SEBI for an IPO.

According to the draft petition (DRHP) filed by the company, the company can issue fresh shares worth Rs 150 crore in its issue, while the promoters and existing shareholders can offer 45,21,450 shares for sale from their stake.

The current shareholders of the company include Srinivasan Ravis’s Gomateswaran, Marina III (Singapore) and International Finance Corporation (IFC). The company is headquartered in Coimbatore. Apart from this, the company also has a presence in Pune, Faridabad, Pithampur, Jamshedpur, Bangalore, Sriperumbudur and Chennai.

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IFC and Marina hold 14.06 per cent and 15.50 per cent stake in the company respectively. Srinivasan Ravi holds 52.38 per cent stake in the company and Gomateswaran holds 7.04 per cent stake.

The proceeds from the issue will be used to pay off select debts. The remaining amount will be used to meet general corporate needs. Also, the company also wants to take advantage of stock market listings.

The issue is being managed by Axis Capital and IIFL Securities. The shares of the company will be listed on both BSE and NSE exchanges. The first company filed an IPO petition with SEBI in June 2018, which was approved. But the issue was not offered due to bad market.

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