Engineered systems and solutions provider Uniparts India said today that it has set a price range of Rs 548-577 per share for its Rs 8.36 billion initial public offering (IPO).
The three-day initial share offering will open for subscription on November 30 and close on December 2. Bidding for anchor investors will begin on November 29, the company announced in a virtual press conference.
The IPO is entirely an Offer for Sale (OFS) of 14,481,942 shares by the Promoter Group entities and existing investors.
The issued shares in OFS are the promoter group entities – The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni – and the investors – Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd.
At the upper end of the price range, the public offering is expected to fetch Rs 8.36 billion.
Since the IPO will be entirely OFS, the company will not receive any proceeds from the public offering.
Half of the offering size has been reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Investors can bid for 25 shares and multiples thereof.
This will be the company’s third attempt to go public. Previously, Uniparts had filed IPO documents with Sebi in December 2018 and September 2014. It also twice received regulatory approval to launch an IPO, but did not proceed with an IPO.
Axis Capital, DAM Capital Advisors and JM Financial are the lead bookrunning managers on the issue.
The company’s shares will be listed on the stock exchange on December 12.
Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components to the agriculture and construction, forestry and mining, and aftermarket off-highway markets, with operations in more than 25 countries.
It is a concept-to-supplier of precision products for off-highway vehicles across the entire value chain. The company’s product portfolio includes the core verticals of 3-point linkage systems and precision machined parts, as well as adjacent verticals of power take-off, manufacturing and hydraulic cylinders or their components.
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
Featured Video of the Day
Bank of England raises interest rates biggest in 30 years