Craftsman Automation has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float their initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 45,21,450 shares by promoter and existing shareholders.
The shares of the company are proposed to be listed on both BSE and NSE. Net proceeds of the issue will be utilized for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes. In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges. Axis Capital and IIFL Securities have been appointed as book running lead managers to the issue.
Craftsman Automation design, develop and manufacture engineering products using state-of-the-art engineering technology and efficient manpower to meet the requirements of its customers.
