Advanced Sys-Tek has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue worth Rs 115 crore alongside an offer for sale (OFS) of up to 15.27 lakh shares by existing promoters. Proceeds from the fresh issue will be used to support capital expenditure requirement, funding long-term working capital requirement and for general corporate purposes. Inga Ventures and Sowilo Capital Advisors are the book-running lead managers to the issue.
The company is a key player in industrial automation, specialising in large-scale measurement, control, and automation solutions. The company focuses on Industrial Automation Solutions, including advanced automated metering systems for oil and gas terminals, as well as modernisation of manual facilities.
