Camshaft manufacturer Precision Camshaft is looking to raise Rs 240 crore through an initial public offering (IPO). In this regard, the company has already filed a draft red herring prospectus with the capital market regulator, Security and Exchange Board of India (SEBI).
The proposed IPO, which will likely hit the markets in the coming months, will include sale of up to 8.64 million equity shares. Proceeds of the issue will be used for setting up a machine shop for ductile iron camshafts in the form of a brown field expansion at its Solapur-based foundry unit.
The company has an unused 13-acre land adjacent to its existing foundry shops from where it caters to Daimler, Porsche, General Motors and Toyota to name a few. The Solapur-based company makes over 150 varieties of camshafts which go in to the heart of a car engine.
